Experiments designed to clarify the role of molecular oxygen in the photolysis of fullerene are described. The formation of oxygen-fullerene adducts, both in fullerene solutions in various solvents and in micro-crystallites formed by evaporating these solutions, and their photolysis was studied under various experimental conditions. The results confirm that the role of oxygen in the photolysis process in these systems is ambivalent and highly dependent on the conditions under which the irradiation of the fullerenes occurs (wavelength and intensity of the photolyzing radiation, character of the solvent molecules, presence of additional molecules in the solvent-fullerene-oxygen system, etc.).