The chemical name for water is H2O, meaning its compound consists of two hydrogen atoms and one oxygen atom. Hydrogen and oxygen are both non-metal elements that commonly exist as molecules of H2 and O2, respectively. Oxygen is necessary for life on Earth, as living things require oxygen and the world would not exist without it. The formula for the reaction that combines hydrogen and oxygen to form water molecules is 2H2 + O2 → 2H2O.