Oakey was apprenticed to a piano maker where he learnt to make sandpaper by glueing sand or powdered glass onto paper. He developed a better process suitable for mass-production and set up in business at Walworth, London, in 1833, before moving to Wellington Mill at Westminster Bridge Road. He subsequently developed many wet and dry sand and emery papers, and a range of polishing compounds, including lead blacking, Wellington Knife Polish, Silversmith's Soap and Plate Powder, and furniture polishes.
He died on 10 January 1887 and is buried at West Norwood Cemetery. His business passed to his sons, Joseph and John, who took it public in 1893.