The oxygen content of metal powder is decisive for the recyclability of powder. The research on the effect of oxygen content on powder properties and material formability has practical significance for economical production with additive manufacturing while preventing the waste of resources. Here, we deliberately oxidized the powder by baking at high temperature to increase the oxygen content in the powder and gave the calculation method of the oxygen content in the powder oxidation film. The majority of oxygen element was found in the oxide particles in the powder and the oxide film on the powder surface, which did affect the flowability of the powder. It is worth noting that the increase in the oxygen content does not change the phase of H13 steel, but it can promote the molten pool flow and obtain a smoother surface. The increase in the oxygen content in the powder is not the decisive factor for the formability and defects of the printed samples. It is the combined effect of the powder deformation, the increase in the oxygen content, and the impurity pollution after repeated use, which leads to the limitation of repeated utilization of the powder.