An active-flow-control study, using steady suction-and-oscillatory-blowing actuators, was conducted on an axisymmetric bluff-body model for a range of Reynolds numbers between 2 × 106 and 5 × 106. Previous work on the same model demonstrated the experimental implementation and efficient drag reduction of the suction-and-oscillatory-blowing actuator system, including comparisons to computational fluid dynamics results. The current study presents a detailed analysis of the experimental data, coupled with a refined computational model toward a flow-physics understanding of the drag-reduction mechanisms of the suction-and-oscillatory-blowing active-flow-control system. The boundary-layer response was examined using time-averaged and phase-averaged hot-wire measurements conducted on the aft portion of the model where active flow control was applied. The drag-reduction behavior was scaled using multiple active-flow-control parameters associated with the unique and complex features of the suction-and-oscillatory-blowing active-flow-control system. The results show that the drag-reduction mechanisms associated with the suction-and-oscillatory-blowing actuation system include boundary-layer suction, wall-jet momentum addition, unsteady shear-layer excitation, the generation of thrust, and streamwise vortices.