Common People will showcase a bill of live music and DJs and takes place on 28 and 29 May 2016.
It will run on the same weekend as a twin festival in Southampton, the inaugural event of which ran earlier this year.
Rob da Bank said he was "buzzing with excitement" and called South Park a "stunning setting".
He added: "We have an amazing line up to share with you very soon - from pop stars to underground legends.
"Thanks for having us Oxford."
The DJ is curating the festival with the organisers of Bestival in conjunction with Oxford City Council.
The park played host to a major Radiohead gig in 2001.
Last year a festival at the site featuring Gaz Coombes, Katy B and Klaxons was cancelled because of poor ticket sales.
A new music festival organised by DJ Rob da Bank is to be held at Oxford's South Park to 30,000 people.