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It is estimated that about 50% of the world's oxygen is produced via phytoplankton photosynthesis. The rest is produced via photosynthesis on land by plants. Furthermore, phytoplankton photosynthesis has controlled the atmospheric CO 2 / O 2 balance since the early Precambrian Eon.
Since there isn't much information about which differences you want to know about their roles for life. So let's start with oxygen which for the most part exists as molecular oxygen OÂ² which is O=O. Oxygen makes up about 21% of the air we breathe. It can be produced by photosynthesis using sunlight, water and Carbon Dioxide through a number of processes for a different post. Oxygen is used in our bodies with glucose to produce energy and water. This energy is then used throughout the body where needed.