You (still) can not choose the position of the column using ALTER TABLE: it can only be added to the end of the table. You can obviously select the columns in any order you want, so unless you are using SELECT * FROM column order shouldn't be a big deal.
If you really must have them in a particular order and you can't drop and recreate the table, then you might be able to drop and recreate columns instead:-
First copy the table
CREATE TABLE my_tab_temp AS SELECT * FROM my_tab;
Then drop columns that you want to be after the column you will insert
ALTER TABLE my_tab DROP COLUMN three;
Now add the new column (two in this example) and the ones you removed.
ALTER TABLE my_tab ADD (two NUMBER(2), three NUMBER(10));
Lastly add back the data for the re-created columns
UPDATE my_tab SET my_tab.three = (SELECT my_tab_temp.three FROM my_tab_temp WHERE my_tab.one = my_tab_temp.one);
Obviously your update will most likely be more complex and you'll have to handle indexes and constraints and won't be able to use this in some cases (LOB columns etc). Plus this is a pretty hideous way to do this - but the table will always exist and you'll end up with the columns in a order you want. But does column order really matter that much?
Although this is somewhat old I would like to add a slightly improved version that really changes column order. Here are the steps (assuming we have a table TAB1 with columns COL1, COL2, COL3):
alter table TAB1 add (NEW_COL number);
create table tempTAB1 as select NEW_COL as COL0, COL1, COL2, COL3 from TAB1;
drop table TAB1;
rename tempTAB1 to TAB1;
In 12c you can make use of the fact that columns which are set from invisible to visible are displayed as the last column of the table: Tips and Tricks: Invisible Columns in Oracle Database 12c
Maybe that is the 'trick' @jeffrey-kemp was talking about in his comment, but the link there does not work anymore.
Example:
ALTER TABLE my_tab ADD (col_3 NUMBER(10));
ALTER TABLE my_tab MODIFY (
col_1 invisible,
col_2 invisible
);
ALTER TABLE my_tab MODIFY (
col_1 visible,
col_2 visible
);
Now col_3 would be displayed first in a SELECT * FROM my_tab
statement.
Note: This does not change the physical order of the columns on disk, but in most cases that is not what you want to do anyway. If you really want to change the physical order, you can use the DBMS_REDEFINITION package.
Source: Stackoverflow.com