The effects of the joint prefermentative maceration and hyperoxygenation of Airén white must and wine on the phenolic content, chromatic characteristics, volatile composition, and sensory characteristics, not previously described in combination, have been evaluated. A total of 20 phenolic and 149 volatile compounds have been identified and quantified for that purpose. As a consequence of the oxygen addition, the concentrations of hydroxycinnamic acid derivatives and flavan-3-ols decreased (above all t-GRP and (+)-catechin), leading to color stabilization, but also the concentrations of several volatile compounds with a great importance for quality aroma decreased. Prefermentative skin maceration, previously applied to the hyperoxygenation of Airén musts, provided the aforementioned color stabilization in the respective wine but also increased the content of short-chain fatty acid esters and terpenes and decreased the concentration of C(6) alcohols. That combination of prefermentative treatments (skin maceration followed by must hyperoxygenation) produced an improvement of the global impression of the final wine based on significantly better scores of tropical fruit, body, and herbaceous notes.