$Y_2O_3$-based metal-insulator-semiconductor (MIS) structure on p-Si(100) has been studied. Films were prepared by UHV reactive ionized cluster beam deposition (r-ICBD) system. The base pressure of the system was about $1 imes 10^{-9}$ -9/ Torr and the process pressure $2 imes 10^{-5}$ Torr in oxygen ambience. Glancing X-ray diffraction(GXRD) and in-situ reflection high energy electron diffracton(RHEED) analyses were performed to investigate the crystallinity of the films. The results show phase change from amorphous state to crystalline one with increasingqr acceleration voltage and substrate temperature. It is also found that the phase transformation from $Y_2O_3$(111)//Si(100) to $Y_2O_3$(110)//Si(100) in growing directions takes place between $500^{circ}C$ and $700^{circ}C$. Especially as acceleration voltage is increased, preferentially oriented crystallinity was increased. Finally under the condition of above substrate temperature $700^{circ}C$ and acceleration voltage 5kV, the $Y_2O_3$films are found to be grown epitaxially in direction of $Y_2O_3$(1l0)//Si(100) by observation of transmission electron microscope(TEM). Capacitance-voltage and current-voltage measurements were conducted to characterize Al/$Y_2O_3$/Si MIS structure with varying acceleration voltage and substrate temperature. Deposited $Y_2O_3$ films of thickness of nearly 300$AA$ show that the breakdown field increases to 7~8MV /cm at the same conditon of epitaxial growing. These results also coincide with XPS spectra which indicate better stoichiometric characteristic in the condition of better crystalline one. After oxidation the breakdown field increases to 13MV /cm because the MIS structure contains interface silicon oxide of about 30$AA$. In this case the dielectric constant of only $Y_2O_3$ layer is found to be $in$15.6. These results have demonstrated the potential of using yttrium oxide for future VLSI/ULSI gate insulator applications.