Thames Valley Police was called by a member of the public at around 9.40am who reported seeing a body in the river, close to Church Lane, in Burford.
Officers attended and the body of a woman was recovered at around 10.15am.
Police are working to identify the woman and establish the circumstances of her death. At this time it is too early to say whether her death is suspicious.
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It's one of the biggest music events in the country. Thousands of people have arrived in Berkshire for this year's Reading Festival.
Anyone travelling this weekend is likely to face severe delays. Millions of extra cars are expected on the roads.
The forecast for the Bank Holiday weekend from Helen Plint.