How Does Earth Maintain A Constant Level Of Oxygen?

It doesn’t! The oxygen level of the planet has varied quite dramatically in the last 500 million years. It was 35 per cent during the Carboniferous period, around 300 million years ago; as the climate cooled and land plants died off, oxygen fell to as low as 12 per cent by the beginning of the Triassic. Back then, the air at sea level would have felt thinner than at the top of the Alps today.