Oscillators are one of the key elements in various applications as a signal source to generate periodic oscillations. Among them, an optical parametric oscillator (OPO) is a driven harmonic oscillator based on parametric frequency conversion in an optical cavity, which has been widely investigated as a coherent light source with an extremely wide wavelength tuning range. However, steady oscillation in an OPO is confined by the cavity delay, which leads to difficulty in frequency tuning, and the frequency tuning is discrete with the minimum tuning step determined by the cavity delay. Here, we propose and demonstrate a counterpart of an OPO in the optoelectronic domain, i.e., an optoelectronic parametric oscillator (OEPO) based on parametric frequency conversion in an optoelectronic cavity to generate microwave signals. Owing to the unique energy-transition process in the optoelectronic cavity, the phase evolution in the OEPO is not linear, leading to steady single-mode oscillation or multimode oscillation that is not bounded by the cavity delay. Furthermore, the multimode oscillation in the OEPO is stable and easy to realize owing to the phase control of the parametric frequency-conversion process in the optoelectronic cavity, while stable multimode oscillation is difficult to achieve in conventional oscillators such as an optoelectronic oscillator (OEO) or an OPO due to the mode-hopping and mode-competition effect. The proposed OEPO has great potential in applications such as microwave signal generation, oscillator-based computation, and radio-frequency phase-stable transfer.