Magnetization measurements and magnetotransmission spectroscopy of the solid oxygen α phase were performed in ultrahigh magnetic fields of up to 193 T. An abrupt increase in magnetization with large hysteresis was observed when pulsed magnetic fields greater than 120 T were applied. Moreover, the transmission of light significantly increased in the visible range. These experimental findings indicate that a first-order phase transition occurs in solid oxygen in ultrahigh magnetic fields, and that it is not just a magnetic transition. Considering the molecular rearrangement mechanism found in the O(2)-O(2) dimer system, we conclude that the observed field-induced transition is caused by the antiferromagnetic phase collapsing and a change in the crystal structure.