Chiltern Edge School in Sonning Common had been rated inadequate by Ofsted after following the inspection in March.
Inspectors also said pupil attainment was too low and a disadvantaged pupils' fund was not being used effectively.
Oxfordshire County Council said it will begin consulting on Friday over whether the school should shut.
The school, which educates children between 11 and 16 years old, received a good rating from Ofsted in 2012.
But after the most recent inspection, the watchdog said the school had shown a lack of management and effective teaching, which led to pupils underperforming.
It added: "Standards in reading are too low. Pupils do not read well or widely enough.
"This restricts their access to the wider curriculum."
The council will discuss the potential closure of the 500-pupil school with parents on 3 May.
A spokesman said the consultation - which will run until 16 June - will explore the potential impacts of the closure and how it can provide good-quality education to pupils.
Director of children's services Lucy Butler, said: "It's important to stress at this stage that no decisions have been taken and that the school would not close without appropriate transfer arrangements in place for every child to attend a better-performing school."
The school would not comment on the potential closure, but a letter to parents read: "Inevitably, this is a time of great concern and uncertainty for everyone but I assure you that everything possible will be done to safeguard the education and progress of our students."

Police were called after reports of the attack between 17:00 GMT and 18:40 on Monday.
The victim was walking near East Park Road at its junction with Shearbank Road when he bundled into a car.
Two men have been arrested following the incident and police are appealing for more information.
The boy was driven away in a red or maroon car after he was approached and threatened.
Police say the boy was questioned about his relationship with a young woman.
The boy was taken to Beechwood Court, Blackburn, where he said four men assaulted him leaving him with cuts and bruises to his head.
He was later able to call for help from an address in New Bank Road before being taken to the Royal Blackburn Hospital for treatment.
Det Sgt Ben Hodgkinson, of Blackburn Police, said: "The circumstances would suggest this assault is linked to honour-based violence."

Culture Secretary John Whittingdale said the playwright was "one of our greatest literary exports".
The initiative will include working with young people without access to school in developing countries.
The British Council's Sir Ciaran Devane said the project would reflect Shakespeare's "global impact".
Speaking in the Houses of Parliament at the launch of Shakespeare Lives, Mr Whittingdale emphasised the playwright's cultural significance and international influence.
"Shakespeare is a major driver of tourism and also an important player in our export market. And the creative industries which he towers over are a huge part of our economy," said Mr Whittingdale.
"It is very hard to overstate the scale and scope of his reach."
Partners in the 400th anniversary project include the National Theatre, Royal Shakespeare Company, Shakespeare's Globe and the BBC.
There will be performances, publications, films, broadcasts, online events and festivals.
Schools in the UK and around the world will be given resources and video clips, exploring themes such as "global citizenship".
But there will also be an alliance with Voluntary Services Overseas (VSO) to use the Shakespeare events to reach those young people who are excluded from education.
Despite a millennium pledge for universal primary education, there are about 58 million children who have no access to school - mostly in sub-Saharan Africa.
There are an estimated 250 million young people around the world who are unable to read or write.
"When millions of children cannot read, they become cut off from learning those lessons that literature can offer," said Philip Goodwin, VSO chief executive.
The exercise in cultural "soft power" will include events in the United States, Bangladesh, Malaysia, New Zealand, Ethiopia and the United Arab Emirates.
Sir Ciaran, British Council chief executive, said the playwright was "one of the most enduring examples of cultural impact and relations".
He said the "genius" of Shakespeare's language had given "people from all walks of life a platform for self-expression".
A secondary school placed in special measures by inspectors last month could be closed, a council has said.
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A 16-year-old boy has been kidnapped, assaulted and robbed in an attack linked to suspected "honour violence" in Blackburn.
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The 400th anniversary of the death of William Shakespeare next year will be marked by a major global cultural and educational project in 140 countries.