This paper reviewed the effect of oxygen concentration on the growth of Nannochloropsis sp. at low light intensity. The experiment manipulated the dissolved oxygen level from 25% to 300% air saturation in a flat panel photobioreactor. The results showed that increasing the oxygen concentration from 20% to 75% air saturation had no obvious effect on the microalgae's specific growth rate. To improve productivity, the oxygen level needs to be controlled. Further research is needed to investigate the synergistic effects of high irradiance and oxygen concentration on optimizing microalgae growth and productivity in closed photobioreactors.