Using potentiodynamic and linear polarization method, the atmospheric effect on the corrosion of iron in borate buffer solution was investigated. The corrosion of iron was heavily influenced by the degree of oxygen concentration. The supply of reduction current was increased by the reduction of dissolved oxygen, and the corrosion potential of iron was shifted to the positive side. The $OH^-$ ion, which was produced through the reduction of either water or oxygen, significantly increased the $OH^-$ ion concentration inside of the electrical double layers of iron electrode, and facilitated the adsorption of $OH^-$ ion on the surface of the iron electrode. The adsorption of $OH^-$ ion on the iron electrode can be explained either by Langmuir isotherm or by Temkin logarithmic isotherm.