The objective of this paper is to review the properties of fluids capable to enhance oxygen transport and transfer and recent developments in this field. This paper reviews and compares two different approaches, which could be used to solve the important problem of oxygen supply in some cell and tissue cultures: 1) hemoglobin-based and 2) perfluorocarbon-based (PFC) oxygen carriers. Several types of modified hemoglobin-based oxygen carriers (HBOCs) and their preparation are reviewed, as well as advances in the field of PFC oxygen carriers. Finally, we highlight the advantages and pitfalls, when reported in the literature, associated with each technique.