Objective To investigate the effect of extracorporeal membrane oxygen (ECMO) on hemodynamics and blood oxygenation level in patients with cardiogenic shock (CS). Methods A total of 95 patients were selected as research objects and randomly divided into control group (n=47) and observation group (n=48) according to the random number table method. The control group was treated with intra-aortic balloon counterpulsation, and the observation group was treated with ECMO. The hemodynamic indexes, blood oxygen levels, cardiac function indexes before and after treatment, and the occurrence of adverse reactions 1 month after treatment were compared between the two groups. Results Before treatment, there was no statistically significant difference in various hemodynamic indexes and the levels of blood oxygen and cadiac function indexes between the two groups (all P>0.05). After treatment, the heart rate, central venous pressure, lactic acid value and left ventricular end diastolic diameter of the two groups were lower than those before treatment, and those in the observation group were lower than those in the control group; the mean arterial pressure, pH value, central venous oxygen saturation and left ventricular ejection fraction in both groups were higher than those before treatment, and those in the observation group were higher than those in the control group (all P<0.05). There was no statistically significant difference in the incidence of adverse reactions such as renal failure, pulmonary infection, hemorrhage and emerging arterial fibrillation between the two groups (all P>0.05). Conclusion ECMO has a positive effect on hemodynamics and blood oxygen level in patients with CS, which can improve cardiac function, be conducive to hemodynamic stability, maintain normal blood oxygen, relieve shock symptoms in a short time, and has high safety.