A portable diffuse correlation spectroscopy (DCS) flowmeter has been extended to measure both tissue blood flow and oxygenation (namely, DCS flow oximeter). For validation purposes, calf muscle blood oxygenation during cuff inflation and deflation was measured concurrently using the DCS flow oximeter and a commercial tissue oximeter. The oxygenation traces from the two measurements exhibited similar dynamic responses, and data were highly correlated $\left(r_{\text{mean}}>0.9,P<{10}^{-5},n=10\right)$ . The portable, inexpensive, and easy-to-use DCS flow oximeter holds promise for bedside monitoring of tissue blood flow and oxygenation in clinics.