The influence of oxygen in the photocatalytic oxidation of perfluorooctanoic acid (PFOA) promoted by a commercial nano-sized titanium dioxide was studied by testing the reaction in different conditions: static air, oxygen flux, nitrogen flux and pre-saturated nitrogen flux. The reaction was monitored by Total Organic Carbon (TOC) analysis and Ionic Chromatography (IC). Shorter chain perfluorocarboxylic acids (PFCAs; Cn, n = 1–7) intermediate degradation products were quantitatively determined by High-Performance Liquid Chromatography combined with Mass Spectrometry (HPLC–MS) analysis. The presence of shorter chain PFCAs in solution was also monitored by 19F NMR. The experimental findings are in agreement with two major oxidative pathways: Cn → Cn−1 photo-redox and β-scissions routes mediated by COF2 elimination. Depending on the experimental conditions, the mutually operating mechanisms could be unbalanced up to the complete predominance of one pathway over the other. In particular, the existence of the β-scissions route with COF2 elimination was corroborated by the isolation and characterization of carbonyl difluoride, a predicted fluorinated decomposition by-product.