When the Red Lion in Northmoor was put up for sale last year, locals formed the Northmoor Lion Ltd, secured a loan and bought the pub in November 2013.
Since then, 70 people have bought company shares, raising about £300,000.
Parish council chairman Graham Shelton said the community was "very excited" after six-months of hard work.
"Northmoor has proved that if there is an energetic group of people that want to get things done, you can get things done," he added.
"When the pub came on the market, we feared we'd lose it. Alongside the church and village hall, it's greatly valued by local people and is at the heart of our community."
Previous owners Greene King put the pub up for sale at the beginning of the year after failing to find new tenants.
Mr Shelton said villagers explored "making it a community asset" but decided to buy it after securing a loan from "a private individual".
The pub will now be run as a free house and Mr Shelton said the company had been "overwhelmed" with the response to an advertisement for tenants.
It will be run by first-time landlords Ian Neale and Lisa Lyne, who have 30 years' industry experience between them.
Mr Shelton added that the couple "ticked all the boxes" for the local community, including "experience, capability, friendliness and empathy".
He added: "[They] will enable us to regenerate our pub, which has been in continuous existence since the 1700s."
"They have the whole village behind them."

The key foreign ministry portfolio has gone to Ibrahim Ghandour, a former presidential assistant.
Mohamed Zayed has been appointed oil minister, while Mustafa Osman Obeid was appointed acting defence minister.
The new government will comprise a total of 31 cabinet ministers.
In addition President Bashir has also appointed governors for Sudan's 18 states in what he has vowed will be a "new page" for his country,
Speaking at his inauguration last week, the president said that he wanted to repair ties with the West, tackle corruption and bring peace to the country.
Another priority is restoring Sudan's ailing economy.
Mr Bashir, 71, seized power in an Islamist-backed coup in 1989.
Even President Bashir has been forced to admit - with civil war(s) continuing, and the ongoing economic crisis - that Sudan needs to change, and this reshuffle is part of his promised reforms.
The most surprising decision is the removal of Abdel Rahim Hussein as defence minister, as for many years he has been President Bashir's confidant and friend.
Mr Hussein has been named governor of Khartoum state, one of several changes among the governors, which seem designed to remove any who were developing sizable local power bases.
But simply replacing ministers and governors will not bring change. Instead, the way Sudan is governed will have to improve if the country is to escape from its current malaise.

The Anglo-South African company said its current structure was "too costly" and inefficient.
Changes to the regulatory environment in Europe and South Africa had also made the business more complex to run.
It came as the firm reported a 4% rise in annual pre-tax adjusted operating profit to Â£1.7bn.
Old Mutual said it expected the separation of its four main units to be completed by the end of 2018.
The company plans to separate into Old Mutual Emerging Markets, Old Mutual Wealth, Nedbank Group and OM Asset Management.
Chief executive Bruce Hemphill said: "The strategy we have announced today sets out a bold new course to unlock value currently trapped within the group structure.
"We have four strong businesses that can reach their full potential by freeing them from the costs and constraints of the group.
"These businesses are performing strongly, have excellent competitive positions in sizeable markets and the underlying growth potential to flourish independently."
He said the current organisation of the group was "a costly structure with insufficient synergies to justify those costs".
The group said it had yet to decide how it would go about spinning off the units.
Old Mutual announced its strategic review in November, after former Standard Bank executive Mr Hemphill took over as chief executive.
The group, which was founded in South Africa in 1845, currently has a majority stake in South African lender Nedbank. But it plans to reduce it to a minority stake by the end of 2018.
The company's Old Mutual Wealth unit, a sponsor of England rugby union, has also received a takeover approach from private equity firms, according to reports citing unnamed sources.
A 17th Century pub in Oxfordshire has been bought by the local community, which has raised tens of thousands of pounds to secure its future.
[NEXT_CONCEPT]
Sudanese President Omar al-Bashir has formed a new government a month after winning elections that were boycotted by the main opposition parties and tarnished by a poor turnout.
[NEXT_CONCEPT]
Financial services group Old Mutual has said it will split itself into four separate companies following the outcome of a strategic review.