The oxygen scavenging system of the subject invention contemplates a composition, system and appurtenant methodology for substantially eliminating elemental oxygen from packaged oxygen sensitive products. The composition or scavenging agent includes an oxidoreductase enzyme, a suitable energy source or substrate for the enzyme, and a buffer. The composition binds oxygen when exposed to moisture, thereby reducing the level of oxygen in a closed (e.g., sealed) space such as a food package or the like. More particularly and preferably, the composition includes glucose oxidase in an amount of between 1 and 100 activity units (U) per gram, catalase in an amount of between 1 and 300 activity units (U) per gram, dextrose in an amount of between about 20 and 99 percent by weight, and sodium bicarbonate in an amount of between about 1 and 80 percent by weight.