In the human body, oxygen transportation follows a specific sequence for proper functioning. This transportation sequence begins with the lungs (option II), where oxygen is inhaled from the environment and diffused into the bloodstream.

Next, the oxygen-rich blood (option I) is pumped by the heart to different parts of the body via the circulatory system.

Finally, the oxygen reaches the individual cells or tissues (option III), where it is used for energy production in cellular respiration.

Therefore, the correct sequence of transportation is: Lungs (II) - Blood (I) - Tissue (III), which corresponds to option 3.

Option 1 and option 4 incorrectly start the sequence with blood, even though oxygen enters the blood from the lungs. Similarly, option 2 inaccurately begins with the tissue, which is the last place oxygen reaches in the sequence.

Hence, the answer is option 3 (II, I, III).