The performance of a pulse oximeter based on photoelectric detection is greatly affected by motion noise (MA) in the photoplethysmographic (PPG) signal. This paper presents an algorithm for detecting motion oxygen saturation, which reconstructs a motion noise reference signal using ensemble of complete adaptive noise and empirical mode decomposition combined with multi-scale permutation entropy, and eliminates MA in the PPG signal using a convex combination least mean square adaptive filters to calculate dynamic oxygen saturation. The test results show that, under simulated walking and jogging conditions, the mean absolute error (MAE) of oxygen saturation estimated by the proposed algorithm and the reference oxygen saturation are 0.05 and 0.07, respectively, with means absolute percentage error (MAPE) of 0.05% and 0.07%, respectively. The overall Pearson correlation coefficient reaches 0.971 2. The proposed scheme effectively reduces motion artifacts in the corrupted PPG signal and is expected to be applied in portable photoelectric pulse oximeters to improve the accuracy of dynamic oxygen saturation measurement.