Percocet is a prescription medication that combines two active ingredients: oxycodone and acetaminophen. Oxycodone is an opioid analgesic, which means it works by binding to specific receptors in the brain and spinal cord to reduce the perception of pain. Acetaminophen, also known as paracetamol, is a less potent pain reliever that increases the effects of oxycodone and can reduce fever. This combination is typically used to manage moderate to severe pain when other treatments are insufficient.