Potassium peroxide is an inorganic compound with the molecular formula K2O2. It is formed as potassium reacts with oxygen in the air, along with potassium oxide (K2O) and potassium superoxide (KO2). Potassium peroxide is an inorganic compound with the molecular formula K2O2. It is formed as potassium reacts with oxygen in the air, along with potassium oxide (K2O) and potassium superoxide (KO2). Potassium peroxide reacts with water to form potassium hydroxide and oxygen: