The oxygen-transporting capability of modified and encapsulated hemoglobins and red cells is discussed from a physico-chemical standpoint in order to design oxygen-delivering fluids. The oxygen diffusion coefficient toward oxygen-deficient sites was estimated by measuring the oxygen flux across thin solution membranes of hemoglobin, polymerized hemoglobin, liposome-encapsulated hemoglobin, and red cells. Oxygen flux was enhanced several times over that of nitrogen for the hemoglobin and red cell solution with ca [Hb] = 10 and 15 g/dl, respectively. The enhancement in the oxygen diffusion is ascribed to the facilitated transport of oxygen via the hemoglobins. This was in contrast to the simple and physical oxygen-diffusivity in response to its concentration gradient, in the absence of hemoglobins. The flux of the oxygen transport was in the order of hemoglobin > red cells > polymerized hemoglobin > encapsulated hemoglobin, which was ascribed to the facilitated transport efficiencies of oxygen with hemoglobins in a non-flowing or stationary solution.