In order to improve the safety of air flooding and quality of heavy oil, static oxidation experiments were conducted to research the effect of oil displacement agent on the catalytic low temperature oxidation (CLTO) of heavy oil. The results showed that the oil displacement agent could accelerate the oxygen consumption rate, and especially the effect of NaOH and PAM on oxygen consumption rate were obvious. Saturates, aromatics, resins and asphaltenes (SARA) analysis and experiments using oil displacement agent were preformed to study the effect of oil displacement agent on the crude oil components. Saturates and aromatics were converted to resins and asphaltenes during low temperature oxidation (LTO), and the addition of Fe3O4 nanoparticles could reverse this change. This study can provide guidelines to select of oil displacement agent, improve the safety and increase the application of air flooding technology.