The invention discloses an oxygen-fluorine liposome microbubble therapeutic agent which consists of microbubbles, and oxygen and at least one perfluocarbon existing in the microbubbles, wherein the gas nucleus takes oxygen as a principle component and takes perfluocarbon as an auxiliary component, and the microbubble mainly consists of phospholipid and polyethylene glycol derivative. According to the oxygen-fluorine liposome microbubble therapeutic agent, oxygen can be controlled to be released in a human body through veins delivery and targeted hypoxia tissue under ultrasound wave irradiation, the hypoxia disease is treated, and the therapeutic agent serves as a contrast agent used for ultrasonic enhanced imaging. Therefore, the microbubble is a developing agent and an oxygenating therapeutic agent.