Wine aroma undergoes major changes during bottle aging, which are deeply influenced by the degree of oxygen exposure in the bottle. This review discusses the involvement of oxygen in the main chemical transformations occurring in wine aroma composition during bottle aging, with particular emphasis on the formation of oxidative aroma compounds and formation/degradation of sulfur-containing volatile compounds. The implications for wine sensory properties are discussed, as well as some practical aspects of oxygen management during bottle aging, including the role of closure oxygen permeability.