Photoplethysmography (PPG) based pulse oximetry devices normally use red and infrared illuminations to obtain oxygen saturation (SpO2) readings. In addition, the presence of motion artefacts severely restricts the utility of pulse oximetry physiological measurements. In the current study, a combination of green and orange illuminations from a multi-wavelength optoelectronic patch sensor (mOEPS) was investigated in order to improve robustness to subjects’ movements in the extraction of SpO2 measurement. The experimental protocol with 31 healthy subjects was divided into two sub-protocols, and was designed to determine SpO2 measurement. The datasets for the first sub-protocol were collected from 15 subjects at rest, with the subjects free to move their hands. The datasets for the second sub-protocol with 16 subjects were collected during cycling and walking exercises. The results showed good agreement with SpO2 measurements (r = 0.98) in both sub-protocols. The outcomes promise a robust and cost-effective approach of physiological monitoring with the prospect of providing health monitoring that does not restrict user physical movements.