The actor will star opposite actress Amy Teegarden (Friday Night Lights), Deadline reports.
Lanter's casting in the CW pilot comes after the network's recent decision to end 90210 after five seasons.
In his new role, Lanter will portray an alien by the name of Roman who falls in love with a human girl called Emery (Teegarden).
The two are classmates at a high school which others aliens like Roman secretly attend as students.
Oxygen is written by Meredith Averill and will be directed by Gary Fleder. The pilot will be produced by CBS Television Studios.
Watch Matt Lanter in a video from 90210 below:
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