Oblivion's public debut occurred on May 18, 2005, at the Electronic Entertainment Expo (E3) in Los Angeles.[53] The version shown at E3 was substantially finished; most of the content was already in the game, lacking only the polish that the final months of development would bring.[54] Most viewers were impressed by Oblivion's showing, and the game won a number of "best of" awards from a variety of game journalists, among them GameSpy's "RPG Game of Show",[55] GameSpot's "Best Role-Playing Game",[56] IGN's "Best PC RPG",[57] RPGFan's "Overall Game of E3 2005",[58] and the prestigious "Best Role Playing Game" in the 2005 E3 Game Critics Awards.[59] A near-final build of Oblivion was shown at Microsoft's Consumer Electronics Show press tent in January 2006, showcasing the game's exteriors.[60][61] In the months prior to release, anticipation for the game ran high, with critics describing Oblivion as "the first next-gen game" only heightening attention. Pete Hines, vice president of public relations and marketing for Bethesda, said: "People were expecting the game to cure blindness and heal the sick."[62]

2K Games had aimed for a late 2005 publication so that the game could be an Xbox 360 launch title.[63] The official release date for the PC and Xbox 360 versions was originally November 22, 2005, but developmental delays pushed it back to March 20, 2006.[64][65][66] A mobile phone version of the game, developed by Superscape and published by Vir2L Studios, was released on May 2, 2006.[13] The PlayStation 3 version of the game (ported by 4J Studios) was released on March 20, 2007, in North America[67] and on April 27, 2007, in Europe.[68][69] This version includes graphical improvements that had been made since the PC and Xbox 360 release, and was subsequently praised for its enhanced visual appeal.[70][71] A PlayStation Portable version of the game was also in development before being canceled.[72]

At the 2007 E3, the Game of the Year edition for Oblivion was announced.[73] In North America and Europe, the game was released in September 2007, for the Xbox 360 and PC,[74][75] and in October 2007, for the PS3;[76] in Australia, it was released in September 2007, for the Xbox 360 and PC, and in December 2007, for the PS3.[74][77][78] It was also released on Steam on June 16, 2009.[79] A 5th-anniversary edition of Oblivion was announced and released in North America in July 2011 and in Europe two months later.[80][81] An Xbox 360 version of Fallout 3 and Oblivion double pack was announced for release in North America on April 3; however, it was not mentioned whether the bundled games include any of the downloadable content released for either game.[82]