An oxygenation and temperature thermal therapy and oxygenation treatment pad with a plurality of air chambers is disclosed for treatment of skin wound tissues. The air chambers are filled and released by a valve assembly that may be separate from or integrated within the blanket. The thermal therapy and oxygenation treatment pad includes a fluid bladder for delivering hot and/or cold therapy to a patient in conjunction with oxygenation. The temperature therapy blanket may also include an air bladder for providing compression. Oxygenation is provided subsequent to initial heating in order to promote oxygen absorption by the wound tissues prior to the cooling thereof which facilitates pulling oxygen into the wound tissues. This Abstract is provided to comply with rules requiring an Abstract that allows a searcher or other reader to quickly ascertain subject matter of the technical disclosure. This Abstract is submitted with the understanding that it will not be used to interpret or limit the scope or meaning of the claims. 37 CFR 1.72(b).