'oxygen-depleted' is a compound formed from 'oxygen' and the past-participle/adjective 'depleted'. 'Oxygen' was coined in Modern French/Latin (French 'oxygène', from Modern Latin 'oxygenium') from Greek elements 'oxys' meaning 'acid/sharp' and 'genes' meaning 'producer'. 'Deplete' comes from Latin 'deplēre' meaning 'to empty' (de- 'from, away' + plēre 'to fill').

'oxygen' was coined in the late 18th century (by Antoine Lavoisier) from French/Modern Latin forms and adopted into English as 'oxygen'. 'Deplete' evolved from Latin 'deplēre' into Late Latin/Old French and then into English as 'deplete' and its past participle 'depleted'. The compound 'oxygen-depleted' is a modern English combination using the adjective form 'depleted'.

Originally 'deplete' meant 'to empty' (to remove contents); over time it broadened to mean 'to reduce the amount of (a resource)'. As a compound, 'oxygen-depleted' now specifically means 'reduced in oxygen content'.