A computational methodology for accurately predicting flow and oxygen-transport characteristics and performance of an intravenous membrane oxygenator (IMO) device is developed, tested, and validated. This methodology uses extensive numerical simulations of three-dimensional computational models to determine flow-mixing characteristics and oxygen-transfer performance, and analytical models to indirectly validate numerical predictions with experimental data, using both blood and water as working fluids. Direct numerical simulations for IMO stationary and pulsating balloons predict flow field and oxygen transport performance in response to changes in the device length, number of fibers, and balloon pulsation frequency. Multifiber models are used to investigate interfiber interference and length effects for a stationary balloon whereas a single fiber model is used to analyze the effect of balloon pulsations on velocity and oxygen concentration fields and to evaluate oxygen transfer rates. An analytical lumped model is developed and validated by comparing its numerical predictions with experimental data. Numerical results demonstrate that oxygen transfer rates for a stationary balloon regime decrease with increasing number of fibers, independent of the fluid type. The oxygen transfer rate ratio obtained with blood and water is approximately two. Balloon pulsations show an effective and enhanced flow mixing, with time-dependent recirculating flows around the fibers regions which induce higher oxygen transfer rates. The mass transfer rates increase approximately 100% and 80%, with water and blood, respectively, compared with stationary balloon operation. Calculations with combinations of frequency, number of fibers, fiber length and diameter, and inlet volumetric flow rates, agree well with the reported experimental results, and provide a solid comparative base for analysis, predictions, and comparisons with numerical and experimental data.