Accurate measurement of the heat release from a battery fire is vital for risk management, product development and construction of accurate models. Oxygen consumption calorimetry is the most common method for heat release measurements in experimental fire tests. The strength of the method is that it can be applied to unknown compositions of fuel with sufficient accuracy. Despite that this method is used to estimate heat release from battery fires, the method is subject to discussion. In this work, the method is studied in-depth, and potential errors are structured and quantified. Uncertainties associated with self-generated oxygen and internal heat generation, total gas release from the battery and impact on the heat release calculations, as well as the assumed E-factor (i.e., heat release per unit mass of oxygen consumed), are thoroughly discussed. For a Li-ion battery fire, it is concluded that oxygen consumption calorimetry will exclude internal heat generation and underestimate the total heat released from the external flaming fire by up to 10 %. In addition, high rate of combustion reactions can result in that the measured peak heat release rate is underestimated much more, up to 100 %.