Ozone is trivalent oxygen (O3). O3 is unstable and degrades to O2 plus an oxygen ion (free radical), which then reacts (combines) with whatever it comes into contact to make a stable compound (typically CO2 and/or H2O).
Because it can interact with some of the complex molecules (hydrocarbons, nitrogen containing organic molecules, etc.), ozone is particularly useful for neutralizing things that create lingering odors, especially tobacco smoke smells, traces of pet odors (after the main sources have been thoroughly cleaned and, if necessary, sealed) and mold smells (after the area has been cleaned and all sources of moisture eliminated).
Ozone is especially good for odors coming from organic sources (pet odors, mold, garbage, etc.), but not especially effective for odors from man-made chemicals (building materials, solvents, etc.).
Ozone generators are available in a wide range of outputs, from ones that trickle just a little ozone and are incapable of generating more ozone than naturally occurs in outdoor air, up to high capacity ozone generators that you would set up for a day or two and leave the premises, then come back, turn off and allow another day or so for the ozone to dissipate. Some people are sensitive to man-made ozone, BTW, even when the levels are within a range that’s normal for natural outdoor air, and some people are tolerant of rather elevated levels with no problems (arc welders, for example, work around increased ozone levels).
I have a fairly industrial medium sized ozone generator that I wouldn’t be comfortable with in an enclosed living space, but is fine if I leave it running in the basement. One reason for this is that ozone gets used up when it neutralizes an odor source, so in a clean, relatively odor free area more of the ozone output will remain in the air, since there’s not much for it to interact with, but in a basement, with more volume of air and more sources of mustiness for the ozone to neutralize (which uses up the ozone), the amount of ozone in the air can be a lot less with the same capacity of generator.
Bear in mind, there’s ozone in naturally occurring outdoor air, which gets removed when the air is enclosed in a living space. That familiar fresh, off the clothesline smell comes from the exposure of the fabric to the natural ozone in the air, which is generated by sunlight reacting with air molecules. That’s one reason why fresh air and sunlight are purifying/antiseptic and can be used to freshen bedding, etc.
I’ve used ozone for a decade or so and been very happy to have it as a tool to use when it’s suitable. There are some situations where nothing else can do quite the same thing.
Best wishes,
Jerry