Abstract: The fate of the Organic Matter (OM) produced by marine life controls the major biogeochemical cycles of the Earth’s system. The OM produced through photosynthesis is either preserved, exported towards sediments or degraded through remineralisation in the water column. The productive Eastern Boundary Upwelling Systems (EBUSs) associated with Oxygen Minimum Zones (OMZs) should foster OM preservation due to low O2 conditions, but their intense and diverse microbial activity should enhance OM degradation. To investigate this contradiction, sediment traps were deployed near the oxycline and in the OMZ core on an instrumented moored line off Peru, providing high temporal resolution O2 series characterizing two seasonal steady states at the upper trap: suboxic ([O2]<25 μmol.kg-1) and hypoxic/oxic (15<[O2]<160 μmol.kg-1) in austral summer and winter/spring, respectively. The OMZ vertical transfer efficiency of Particulate Organic Carbon (POC) between traps (Teff) fits into three main ranges (high, intermediate, low) suggesting that both predominant preservation (high Teff >50%) and remineralisation (intermediate Teff 20<50% or low Teff<6%) configurations can occur. An efficient OMZ vertical transfer (Teff>50%) has been reported in summer and winter associated with extreme limitation in O2 concentrations or OM quantity for OM degradation. However, higher levels of O2 or OM, or less refractory OM, at the oxycline, even in a co-limitation context, can decrease the OMZ transfer efficiency below 50%, especially in summer during intraseasonal wind-driven oxygenation events. In late winter and early spring, high oxygenation conditions together with high fluxes of sinking particles trigger a shutdown of the OMZ transfer (Teff<6%). Transfer efficiency of chemical elements composing the majority of the flux (nitrogen, phosphorus, silica, calcium carbonate) follows the same trend than for carbon, with the lowest transfer late winter and early spring. In terms of particulate isotopes, vertical transfer of δ15N suggests a complex behaviour of 15N impoverishment or enrichment according to Teff modulation. This OM fate sensitivity to O2 fluctuations and particles concentration calls for further investigations on OM and O2-driven remineralisation processes and the consideration of intermittent OMZ behaviour on OM in past studies and climate projections.