The high pressure and high temperature (HPHT) flow solution containing various gases and Cl− ions is one of the corrosive environments in the use of oilfield tubing and casing. The changing external environment and complex reaction processes are the main factors restricting research into this type of corrosion. To study the corrosion mechanism in the coexistence of O2 and CO2 in a flowing medium, a HPHT flow experiment was used to simulate the corrosion process of N80 steel in a complex downhole environment. After the test, the material corrosion rate, surface morphology, micromorphology, and corrosion product composition were tested. Results showed that corrosion of tubing material in a coexisting environment was significantly affected by temperature and gas concentration. The addition of O2 changes the structure of the original CO2 corrosion product and the corrosion process, thereby affecting the corrosion law, especially at high temperatures. Meanwhile, the flowing boundary layer and temperature changed the gas concentration near the wall, which changed the corrosion priority and intermediate products on the metal surface. These high temperature corrosion conclusions can provide references for the anticorrosion construction work of downhole pipe strings.