Multicomponent thermal fluid flooding has become a widely used and very effective heavy-oil recovery technology, but the harsh CO 2 -O 2 -Cl − environment can lead to serious corrosion perforation failure of the pipeline. Therefore, the influence of O 2 content and main controlling factors on corrosion perforation were investigated through a weight-loss experiment, corrosion defect test, characterization and grey correlation method. The results showed that, with the increase in O 2 content, the general corrosion rate and localized corrosion rate increased. The uneven protection performance of the product after the addition of O 2 was found to be the key cause of localized corrosion. In addition, the synergistic effect of O 2 -Cl − promoted the lateral and longitudinal expansion of pits. The results of the grey correlation showed that the temperature (30-120 °C) had a greater impact on localized corrosion compared with the content of O 2 (0-0.045 MPa) and Cl − (0-16,000 mg/L).