Exfoliated black phosphorus (BP), as a monolayer or few-layer material, has attracted tremendous attention owing to its unique physical properties for applications ranging from optoelectronics to photocatalytic hydrogen production. Approaching intrinsic properties has been, however, challenged by chemical reactions and structure degradation of BP under ambient conditions. Surface passivation by capping agents has been proposed to extend the processing time window, yet contamination or structure damage rise challenges for BP applications. Here, we report experiments combined with first-principle calculations that address the degradation chemistry of BP. Our results show that BP reacts with oxygen in water even without light illumination. The reaction follows a pseudo-first-order parallel reaction kinetics, produces PO23-, PO33-, and PO43- with reaction rate constants of 0.019, 0.034, and 0.023 per day, respectively, and occurs preferentially from the P atoms locating at BP edges, which yields structural decay from the nanoflake edges in water. In addition, a negligible decay ratio (0.9 ± 0.3 mol %) and preserved photocatalytic activity of BP are observed after storage in deoxygenated water for 15 days without surface passivation under ambient light. Our results reveal the chemistry of BP degradation and provide a practical approach for exfoliation, delivery, and application of BP.