The compositions described herein comprise oxygenated albumin in an aqueous sterile physiological or serum solution. The albumin is oxygenated to increase the oxygen content up to O.sub.2 saturation with clinically useful oxygen gas. The preferred oxygen-saturated preparations, containing albumin in concentrations from about 5% w/v to about 25% w/v, are useful as clinical resuscitation preparations that release oxygen in a pattern similar to the release of oxygen by whole blood.