Oxygenation is the process of supplying oxygen to the body’s cells. It may also refer to the process of treating a patient with oxygen, or of combining a medication or other substance with oxygen. Other key terms related to oxygenation concepts include: Ventilation: the process of exchanging oxygen and carbon dioxide, which is essentially breathing. Diffusion: the process of movement of oxygen and carbon dioxide between the alveoli and the blood. Perfusion: the process of blood flow through the lungs.