Oxygen is an important element that is needed by most life forms on Earth to survive. It is the third most abundant element in the universe and the most abundant element in the human body.Oxygen has 8 electrons and 8 protons. It is located at the top of column 16 in the periodic table.t is the third most abundant element in the universe and the most abundant element in the human body. Oxygen has 8 electrons and 8 protons. It is located at the top of column 16 in the periodic table.