The two-day Spirit of Adventure at Abingdon Airfield in Dalton Barracks, Abingdon, kicked off on Saturday with a display by the RAF's Red Arrows team.
But organisers said heavy rain and low cloud on Sunday meant they had no option but to call off the event.
Thousands of people were expected to watch Spitfires, Tornados and Hercules aircraft in action at the show.
Group Captain Andy Turner, of the RAF, said: "While all the jets can fly and the Red Arrows can display... they'll be displaying in cloud and of course people on the ground wouldn't be able to see them at all.
"So while the weather we have today is in no way a restriction for operational or tactical flying, it's just no good at all to display in front of the public."
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