The article considers the impact of suspended matter concentration on the efficiency of oxygen transfer from air to water under different air flow rates. The authors present experimental data on the dynamics of oxygen saturation obtained in laboratory conditions under different air flow rates (1, 3, 5 L/min) and concentrations of suspended matter, including ceramic sand (0.25, 0.5, and 1 g/L). The results signify that higher suspended matter concentrations can reduce oxygen saturation because of the increased mass transfer resistance on the gas–liquid interface due to the film formation and particle adsorption. Simultaneously, increasing the air flow rate (from 1 to 5 L/min) can partially compensate for the negative effects caused by the suspended matter and reduce the oxygen saturation time. The calculated α и β coefficients confirm that the efficiency of mass exchange is especially sensitive to the suspended matter concentration and can be adjusted by air feed, while oxygen solubility (the β factor) remains virtually the same.