Aquatic natural organic matter (NOM) is one of the main scavengers of reactive species (e.g., •OH and SO4•−) during oxidation processes and undergoes complex transformations. Here, the organic content, optical properties, and redox state in various MW fractions and bulk Suwannee River NOM (SRNOM) were simultaneously evaluated during •OH and SO4•− oxidation processes for the first time. The SRNOM transformation pathways were specific to radical species and MW fractions, which was evidenced by a proportional decrease in electron-donating moieties and chromophores during •OH oxidation but a higher decrease in electron-donating moieties than chromophores during SO4•− oxidation, particularly in lower MW fractions (<3 kDa). The •OH decomposed reactive moieties mainly via aromatic ring opening or depolymerization in all MW fractions. SO4•− oxidation followed a similar pathway in higher MW fractions (>3 kDa) but mainly formed compounds with UV-absorbing properties (e.g., quinones) in lower MW fractions (<3 kDa). With competitive kinetics and depolymerization model, •OH was quantified as approximately 10 times more reactive towards MW fractions than SO4•−. However, the SO4•− concentrations were approximately 10 times those of •OH, resulting in comparable performance to •OH oxidation. SRNOM depolymerization by •OH and SO4•− resulted in formation of more precursors of disinfection byproducts than the parent constituents, especially for •OH. This work improves our understanding of the transformation of specific SRNOM fractions during radical oxidation processes.