Oxygen serves as the final electron acceptor in aerobic cellular respiration. The whole pathway includes glycolysis, Kreb's cycle, and oxidative phosphorylation.
Oxidation of NADH and FADH2 formed during glycolysis and Kreb's cycle through electron transport chain during oxidative phosphorylation includes molecular oxygen as the terminal electron acceptor.
The proton motive force generated during the electron transfer from NADH and FADH2 to oxygen gas drives phosphorylation of a large number of ADPs into ATPs.