The Great Oxygenation Event (GOE)[1] was the creation of free oxygen in our atmosphere. It was caused by cyanobacteria doing photosynthesis. It took a very long time, from three billion years ago to about one billion years ago.[2]
Photosynthesis was making oxygen both before and after the GOE. Before the GOE, organic matter and dissolved iron chemically captured any free oxygen. Earth has much iron, and iron has higher solubility than its oxides, so the oceans had much dissolved iron. It became iron oxide and made huge deposits of banded iron rock from the Archaean and Proterozoic eras. When not enough iron remained to capture more oxygen, free oxygen accumulated in the atmosphere. This was the GOE.[3]
Oxygen was toxic to most of the Earth's anaerobic inhabitants at the time. As cyanobacteria produced oxygen, and built their stromatolites, they changed the environment for other protists. Since the other protists had no way to deal with oxygen, most became extinct. Another consequence was the effect of free oxygen on atmospheric methane, a greenhouse gas. Their reaction removed the methane, and caused the Huronian glaciation. This was perhaps the longest snowball Earth episode ever. Free oxygen has been an important part of the atmosphere ever since.[5][6]