In the 1890s, the Central London Railway (CLR) published a notice of a private bill that would be presented to Parliament for the 1890 parliamentary session.

[21] In November 1891, notice was given of a private bill that would be presented to Parliament for the construction of the Baker Street and Waterloo Railway (BS&WR, now the Bakerloo line).

[25] The railway was planned to run entirely underground from Marylebone[26] to Elephant & Castle[27] via Baker Street and Waterloo.

[31] Oxford Circus was altered below ground following a Board of Trade inspection; at the end of 1905, the first test trains began running.

[41] Construction began in 1962 on the initial Walthamstow to Victoria section, where cross-platform interchange was to be provided at Oxford Circus.

[40] This involved a second set of escalators being built directly down to the Central line[51] and the CLR station building becoming exit-only.

[40] The station was closed between 31 August and 20 November 1939 to facilitate flood protection works for the preparation of The Second World War.

[40][note 5] To handle the additional Victoria line passenger loads, a new ticket hall was constructed directly under the road junction.

To excavate the new ticket hall below the roadway, traffic was diverted for five and a half years (August 1963 to Easter 1968) onto a temporary bridge-like structure known as the "umbrella" covering the Regent Street/Oxford Street intersection.

The deck plates were placed on top of a system of steel girders which in turn rested on 25 cylindrical 3-foot (0.91 m) diameter concrete foundations, sunk from 43 to 73 feet (13 to 22 m) deep at night.

The cylindrical piles had to clear the sites of the main and secondary roof beams of the new ticket hall and various low-level obstructions.

Service tunnels were constructed to carry water mains and telecom cables past the new ticket hall.

[40] The umbrella deck was extended eastwards along Oxford Street to facilitate the construction of a connecting passageway between the old and new ticket halls during the weekend of the August Bank Holiday in 1966.

[40] A pre-stressed concrete raft was constructed below the Peter Robinson's third basement level as an extra precaution against settlement before driving the platform tunnel.

[40] The wall tiling on the Bakerloo line platforms featured the station name and an individual geometric pattern and colour scheme designed by Leslie Green.

[54] The Central line platform works were substantially complete and a new Station Operations Room at top level opened.

Short elevation to Oxford Street contains main entrance (now exit), a broad segmental archway, originally glazed with timber mullions and now containing an openwork transom panel with diamond bracing.

Long elevation to Argyll Street has two smaller segment-headed entrances, that to left cut down from an original window, and between them two similar openings containing shops.

It is the only station to have the original tiled signage and a cartouche bearing the Underground Electric Railways (UERL) company insignia retained.

Like other original BS&WR station designs, it features ox-blood red terracotta and a brick-clad steel frame.

The typical night tube service as of 2018 is:[64][65] On the Victoria line, Oxford Circus station is between Green Park to the west and Warren Street to the east.