In this paper, the first principle study of tunnel magnetoresistance (TMR) for various oxide materials has been done. More than 30 materials have been taken into consideration and divided into four different categories based on their bandgap. The four categories are 2-4 eV bandgap materials, 4-6 eV bandgap materials, 6-8 eV bandgap materials, and 8-10 eV bandgap materials. The first principle simulations and the device-level simulations of various MTJ configurations were executed using the various oxide materials. The results reveal that maximum TMR ratio is observed in oxide materials having lower bandgap value and it reduces with the increase in oxide material bandgap. The maximum TMR ratio is observed in Cu2O material and minimum TMR is observed in BeO material. The oxide materials with bandgap less than 3ev are the best materials for device level fabrication and they provide 100% TMR for the oxide thickness up to 3 nm.