Hexafluoro-2-butyne (C4F6) is a potential eco-friendly alternative gas in plasma, refrigerants, and electrical insulation applications. Mechanisms for the reactions of C4F6 with OH/O2 have been revealed in detail using various theoretical methods including ROCBS-Q, RCCSD(T), multireference RS2C, and extrapolations to the complete basis-set limit with Aug-cc-pVnZ (n = T, Q, 5) basis sets. Rate coefficients and product branching ratios were predicted for a wide range of temperatures and pressures using the solution of master equations. The vibrationally adiabatic ground-state barrier for the initial C4F6 + OH association was best estimated to be 1.53-2.26 kcal/mol. Energetically preferable decomposition paths for the conformation-dependent C4F6OH adducts include six-center HF elimination, four-center proton migration, and C-C bond cleavage, but the collisional deactivation is dominant under ambient conditions. The subsequent oxidation of C4F6OH by O2 bifurcates in two orientations and proceeds without any well-defined barrier followed by the successive isomerization/elimination steps, forming perfluorobiacetyl to regenerate OH radicals or trifluoroacetic acid with trifluoroacetyl radicals. The OH-recycling path accounts for a branching ratio of 70% under ambient conditions. Theoretical rate coefficients are in good agreement with the available experimental results. The effect of fluorination on the reactivity of alkynes toward OH/O2 is discussed.