Oxygen-releasing materials are often used in the treatment and restoration of urban waters as an important method to enhance dissolved oxygen. The development of materials with slow-release property can improve the durability and stability of oxygen release in practical engineering. This paper reviews the preparation methods and oxygen release performance of the slow-release oxygen materials reported in recent years. Moreover, the effects and mechanisms of slow-release oxygen materials on the occurrence, migration, and transformation of pollutants such as nutrients in sediments and overlying water of rivers and lakes are reviewed. Finally, prospects and suggestions for the application of slow-release oxygen materials in the remediation of rivers and lakes are proposed.