An afterburner encounters two primary features: high incoming flow velocity and low oxygen concentration in the incoming airflow, which pose substantial challenges and contribute significantly to the deterioration of combustion performance. In order to research the influence of oxygen content on the dynamic combustion characteristics of the afterburner under various inlet velocities, the effect of oxygen content (14−23%) on the field structure of reacting bluff body flow, flame morphology, temperature pulsation, and pressure pulsation of the afterburner at different incoming flow velocities (0.1−0.2 Ma) was investigated in this study by using a large eddy simulation method. The results show that two different instability features, BVK instability and KH instability, are observed in the separated shear layer and wake, and are influenced by changes in the O2 mass fraction and Mach number. The oxygen content and velocity affected the oscillation amplitude of the downstream flow. As the O2 mass fraction decreases, the flame oscillation amplitude increases, the OH concentration in the combustion chamber decreases, and the flame temperature decreases. Additionally, the amplitude of the temperature pulsation in the bluff body flame was primarily influenced by the temperature intensity of the flame and BVK instability. Moreover, the pressure pulsation is predominantly affected by the dynamic characteristics of the flow field behind the bluff body. When the BVK instability dominated, the primary frequency of the pressure pulsation aligned with that of the temperature pulsation. Conversely, under the dominance of the KH instability, the temperature pulsation did not exhibit a distinct main frequency. At present, the influence of oxygen content and incoming flow rate on the combustion performance of the combustion chamber is not clear. The study of the effect of oxygen content on the combustion characteristics of the combustion chamber at different incoming flow rates provides a reference for improving the performance of the combustion chamber and enhancing the combustion stability.