The effects of hyperoxygenation on Chardonnay white musts and the influence of subsequent storage on the corresponding wines have been evaluated. Attention was focused on the color characteristics, phenolic and volatile composition, and sensorial analysis, not previously reported in conjunction. On the one hand, the hyperoxygenation treatment provoked a significant decrease in the concentration of virtually all phenolic compounds in musts, young wines, and one-year-stored wines. In addition, a higher resistance to browning was observed in stored wines derived from hyperoxygenated musts. Different storage conditions (light and dark) produced significant differences in the 2-S-glutathionylcaftaric acid derivatives amounts. On the other hand, significant differences were observed in the volatile composition of wines due to the hyperoxygenation treatment, such as a decrease in the isoamylic alcohols concentration, acetaldehyde, and β-damascenone, even after storage under different conditions. Finally, Chardonnay white wines derived from hyperoxygenated musts had higher banana odor and lower herbaceous and flowery notes.