The alleged victim was on her way to school when she was reportedly taken by two men in a car.
But after reviewing CCTV, dash-cam footage and eye-witness accounts, there was no evidence of an abduction, Thames Valley Police said.
They are still looking into rape allegations.
According to initial reports from police, the victim alleged she was abducted by two men in a silver car on Marston Ferry Road in Summertown on 28 September.
She was then found knocking on residents' doors in Cavendish Drive.
Oxford City commander Supt Joe Kidman said the force, county council and social services are working with the victim at her pace.
He added: "Attacks such as initially reported are mercifully rare and will always be treated extremely seriously and thoroughly investigated.
"Working with vulnerable and young victims is an extremely complex and lengthy process and it is paramount that they are protected appropriately."
29 September: Police report that a teenager, 14, was abducted walking to school at about 08:25 BST on 28 September, and then raped. Forensic patrols begin across North Oxford
30 September: Patrols are increased throughout North Oxford and officers tell children and schools to remain vigilant
1 October: Police release descriptions of alleged abductors and rapists
3 October: Thames Valley Police focus their search for forensics on Marston Meadow, where the girl was thought to have been taken
5 October: Ribbons are put up across North Oxford in a show of solidarity for the alleged victim
12 October: Police issue e-fits of alleged abductors
26 October: Detectives say there is no CCTV footage or evidence of the victim being abducted
11 November: Police reveal the alleged abduction did not take place but say they are still investigating the rape
Police investigating the alleged abduction and rape of a 14-year-old girl in Oxford have said the "abduction did not take place".