Renal oxygen status is tightly correlated with renal (patho)physiology. How the renal oxygen is regulated in response to interleaved hypoxia and hyperoxia has not been well investigated. In this work we utilized dynamic BOLD MRI with temporal resolution of 9 seconds to track the renal tissues oxygen responses in healthy rats, thereafter, characterizing the renal oxygen changes by a mathematic model. In the experiment, significant T2* overshot was observed in outer medulla at the initial stage of re-oxygenation. Significant difference of model parameters compared among renal cortex, outer medulla and inner medulla was observed.