The oxygen cycle describes the movement of oxygen between the atmosphere, biosphere, and lithosphere. Oxygen is involved in key processes like photosynthesis, respiration, combustion, and decomposition. Photosynthesis produces oxygen from carbon dioxide and water, while respiration, combustion, and decomposition consume oxygen to produce carbon dioxide. The document outlines the importance of oxygen for life on Earth and in the different spheres, as well as how oxygen levels have changed over time due to biological and geological processes.