This research aimed at the investigation of the effect of formation factors on the light crude oil during the high temperature air injection process. For this purpose, thermogravimetric and Fourier Transform Infrared Spectroscopy techniques were combined to investigate the light crude oil and oil mixed with formation water and sand at 58, 250, and 450 °C, respectively. The results showed that at different temperature range, the mass drop rate presented different trend and the formation water and sand increased the activation energy of the oxidation reaction. The formation sand exhibited the excellent catalytic effect at relative low temperature. The oxygen addition reaction massively was trigged at 250 °C, and the bond scission reaction dominated at 450 °C. With different additives at different temperature range, the type, concentration, and produced timing of the products presented different tendency.