A simple expression is derived to describe the partial pressure at 50% hemoglobin saturation with oxygen (P50) that maximizes venous oxygen tension (PO2) for a given arterial PO2 and oxygen consumption. That “optimal P50” also maximizes arteriovenous saturation differences for given arterial and venous PO2 values. The optimal P50 can be expressed as the square root of the product of arterial and venous PO2 values. Alternatively, it can be expressed as a simple function of the arterial PO2 and the arteriovenous saturation difference. Nomograms summarize the relationships between the variables, and published observations that suggest an observational basis for our theoretical analysis are reviewed. We conclude that for normoxia or moderate hypoxia a high P50 is advantageous, whereas for more severe hypoxia or increased metabolic demands, a low P50 is advantageous.