Over the last few decades, polymeric membranes-based O2/N2 separation techniques have been progressed from a laboratory curiosity to a commercial reality. These membranes show various advantages i.e., low energy consumption and cost, compared to the other conventional methods for O2 and N2 separation. These benefits generate a great deal of interest in industry and academia to accelerate the commercial feasibility of polymeric membranes for O2/N2 separation. For this, various materials have been developed in order to enhance both O2 permeability and O2/N2 selectivity of the polymeric membranes. In this chapter, the recent development of various polymeric membranes, including a different polymer matrix and polymer inorganic composite for O2/N2 separation, is discussed.