file: /proc/sys/vm/panic_on_oom
variable: vm.panic_on_oom
Official reference

This enables or disables panic on out-of-memory feature.

If this is set to 0, the kernel will kill some rogue process, called oom_killer. Usually, oom_killer can kill rogue processes and system will survive.

If this is set to 1, the kernel panics when out-of-memory happens. However, if a process limits using nodes by mempolicy/cpusets, and those nodes become memory exhaustion status, one process may be killed by oom-killer. No panic occurs in this case. Because other nodes’ memory may be free. This means system total status may be not fatal yet.

If this is set to 2, the kernel panics compulsorily even on the above-mentioned. Even oom happens under memory cgroup, the whole system panics.

The default value is 0. 1 and 2 are for failover of clustering. Please select either according to your policy of failover. panic_on_oom=2+kdump gives you very strong tool to investigate why oom happens. You can get snapshot.