The poor structural stability of phosphorene in air was commonly ascribed to humidity and oxygen molecules. Recent exfoliation of phosphorene in deoxygenated water promotes the need to re-examine the role of H2O and O2 molecules. Considering the presence of high population of vacancies in phosphorene, we investigate the interaction of H2O and O2 molecules with vacancy-contained phosphorene using first-principles calculations. In contrast to the common notion that physisorbed molecules tend to have a stronger adsorption at vacancy sites, we show that H2O has nearly the same adsorption energy at the vacancy site as that at the perfect one. Charge transfer analysis shows that O2 is a strong electron scavenger, which transfers the lone-pair electrons of the phosphorus atoms to the 2{\pi}* antibonding orbital of O2. As a result, the barrier for the O-O bond splitting to form O-P bonds is reduced from 0.81 eV at the perfect site to 0.59 eV at the defect site, leading to an about 5000 faster oxidizing rate at the defect site than at the perfect site at room temperature. Hence, our work reveals that the vacancy in phosphorene shows a stronger oxygen affinity than the perfect phosphorene lattice site. Structural degradation of phosphorene due to oxidization may occur rapidly at edges and grain boundaries where vacancies tend to agglomerate.