The invention discloses oxygen-controlled 300-400 DEG C stainless-steel-compatible liquid metal in the photothermal field and a process thereof. The alloy compositions include, by weight percent, 1.0-3.0% of In, 10.0-15.0% of Bi, 2.0-3.0% of Mn, 20.0-30.0% of Zn, 10.0-12.0% of Cd, 2.0-5.0% of Pb, 2.0-4.0% of Ga and the balance being Sn, wherein oxygen activity controlled oxide compositions include, by weight, 10.0-20.0% of PbO, 5.0-8.0% of AgO, 2.0-5.0% of Mn, 10.0-20.0% of MgO, 3.0-5.0% of CoO and the balance being Fe2O3. The liquid metal is used in a heat colleting module and a heat transfermodule of a solar photothermal system, an oxygen control module is adopted for controlling the oxygen activity effectively, and a compact layer of oxide film can be formed on the surface of a stainless steel pipeline so as to inhibit erosion of the liquid metal to the pipeline material; and the process is simple, and besides, the effects for improving heat transfer and prolonging the service lifeare quite obvious.