Oxana Panchenko was born in Russia and studied at the Kiev Ballet Academy.
After graduating, Panchenko worked with the Kiev Opera House for a year before dancing with the English National Ballet, the Bavarian State Ballet, City Ballet of London, K Ballet and Adventures in Motion Pictures. She has performed solo and principal roles in all the major classical ballets as well as in works by John Cranko, Frederick Ashton, George Balanchine, Twyla Tharp, Jiří Kylián, Hans Van Manen, Christopher Hampson, David Bintley, Matthew Bourne and Adam Cooper.
Between 2001 and 2009, Panchenko collaborated with the company Balletboyz (George Piper Dances) under the artistic direction of Michael Nunn and William Trevitt, where she performed works by William Forsythe, Paul Lightfoot, Charles Linehan, Christopher Wheeldon, Russell Maliphant, Cathy Marston, William Trevitt, William Tucket, Liv Lorent and Rafael Bonachela.
In February 2002, she won the Time Out Live Award for 'Outstanding Performance' in William Forsythe's Steptext, going on to win the 'Outstanding Female Classical Artist Award' at the Critic's Circle National Dance Awards the following year.
In 2007, she functioned as production assistant for the TV documentary Strictly Bolshoi which was produced and directed by Michael Nunn and William Trevitt, after which she followed the choreographer Christopher Wheeldon to Moscow where he created a new piece for the Bolshoi Ballet.
Since April 2009, Oxana Panchenko has been with Michael Clark Company.