Studies of the oxygen reaction, including the oxygen ionization and evolution processes occurring at typical electrode materials in aqueous and nonaqueous electrolytes, are analyzed. A connection between the problematics of the oxygen electrode reaction in nonaqueous media and the developing of novel batteries, in the first place, Li–O2 batteries, is emphasized. Unlike aqueous solutions, the oxygen reduction in aprotic electrolytes was shown to occur without breaking of the O–O bond; it is accompanied by formation of poorly soluble product of two-electron reaction (Li2O2) in the pores of positive electrode. The effect of the solvent donor number and the anion composition on the oxygen reduction mechanism and the lithium peroxide deposit structure is described. A marked reduction of the Li2O2 oxidation overvoltage when passing from carbonaceous materials to platinum-containing catalysts in the positive electrode is elucidated; in the latter case, the effect of electrocatalyst type upon the Li2O2 formation reaction is somewhat reduced. The elucidation of the contribution of processes occurring at the free and lithium-peroxide-covered electrode surface during the oxygen reaction for wide variety of active materials is formulated as the main basic problem of the future research.