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In the alveoli, oxygen from the air is absorbed into the blood. Carbon dioxide, a waste product of metabolism, travels from the blood to the alveoli, where it can be exhaled. Between the alveoli is a thin layer of cells called the interstitium, which contains blood vessels and cells that help support the alveoli.
Once it is in your lungs, the blood has to get into your blood. The alveoli are the primary gas exchange units of the lung. Quite simply, they are the point where the gas-blood barrier is thin enough to permit rapid gas exchange. To get into the blood, oxygen is diffused through the alveolar epithelium, a thin interstitial space, and the capillary endothelium.