Oxygen is basically a chemical element that is found in abundance on Earth. In fact it is the basis of life on Earth.
Oxygen was discovered by Carl Scheele and Joseph Priestley completely independent of each other. The name Oxygen was suggested by Antoine Lavoisier in the year 1777. Before he suggested this name, oxygen was called with various names like Vital air by himself, Fire air by Scheele, deplogisticated air by Priestley etc.
Lavoisier initially believed that Oxygen was present in all acids so he derived a name from Greek language. Where Oxy means Acid or sharp and genes means producer. Thus, Oxygen means Acid producer.