In short
Oxidation is the loss of electrons (or gain of oxygen / loss of hydrogen); reduction is the gain of electrons (or loss of oxygen / gain of hydrogen).
Oxidation vs Reduction — Comparison Table
| Basis | Oxidation | Reduction |
|---|---|---|
| Electrons | Lost | Gained |
| Oxygen | Gained | Lost |
| Hydrogen | Lost | Gained |
| Oxidation number | Increases | Decreases |
| Agent | Reducing agent is oxidised | Oxidising agent is reduced |
Want to understand this fully? Read the Chemistry notes on this chapter.