An oxygen-generating candle, comprising an absorption flammable layer, a heat generating layer and a main candle body layer; the heat generating layer is provided between the absorption flammable layer and the main body layer; according to mass percentage, the main body layer is made of 90% to 96% chlorate, 1.5% to 5% catalyst, 0 to 3% fuel, 1.5% to 2.5% binder and 0.5% to 1.5% stabilizer; the heat generating layer is made of 70% to 80% chlorate, 5% to 15% catalyst, 5% to 12% fuel and 3.0% to 6.0% binder; the absorption flammable layer is made of 5% to 15% fuel, 80% to 90% strontium chromate, 3% to 5% binder and 0 to 1% chlorate; the catalyst is a combination of two or more from among cobalt oxide, manganese dioxide and titanium oxide; the amount of catalyst in the main candle body layer is 4-5 times greater than the amount of the catalyst of the heating layer; the fuel comprises one or more from among magnesium powder, titanium powder, cobalt powder, and zirconium powder. Due to the adjustment of the type and proportion of the catalyst, the decomposition temperature of the oxidizing agent chlorate is lowered and the demand for an active metal of the flammable layer is lowered; in addition, the addition of a flame retardant may control the rate of energy release of the active metal.