As a major indicator in marine life research and geochemistry, the in-situ monitoring of dissolved oxygen has become increasingly important in the assessment of marine ecosystem. It has been proved that fluorescence quenching may result in shorter fluorescence lifetime. Based on it, this paper proposes an in-situ dissolved oxygen monitoring system of high precision and low power consumption applicable to long-term monitoring of complex marine environment. Using phase detecting method, an AC analog amplification channel on Precision photoelectric detection, and used digital phase detection method and three order integral average method to detect the phase offset. The ultralow-power microcontroller was used to control system. The experiments results show that the system has high stability, high precision(0.02mg/L), quick response time(≤40s), low power consumption(peak current ≤10mA), strong anti interference ability.