Cyclized SBS oxygen scavenging blend was prepared and its properties were studied. The cyclized styrene-butadiene triblock copolymer (cyclized SBS) was prepared with styrene-butadiene triblock copolymer (SBS) as raw material and p-toluene sulphonic acid as catalyst. The oxygen scavenging blend was prepared by blending cyclized SBS, photoinitiator, and transition metal catalyst, triggering oxygen scavenging reaction after UV irradiation. The oxygen scavenging property and the effects of oxygen scavenging reaction on the structure and properties of oxygen scavenging blend were studied. The oxygen scavenging quantity achieved 30.7 mL/g on the fourth day. The O2 uptake continued to increase over time, and became generally balanced on the tenth day. After oxygen scavenging reaction, cyclized SBS was oxidized into alcohols. The tensile strength and the elongation at break of the blend film slightly decreased after oxygen scavenging, but the changes were not significant. In conclusion, the oxygen scavenging blend prepared in this work has good oxygen scavenging performance, and can be used to prepare single-layer/multi-layer oxygen scavenging film.