We investigated the interfacial reactions between the $Y_2O_3$ film deposited by ICB processing and p-type (100) Si substrates upon annealing treatments in $O_2$ and Ar gas ambients. we also investigated the evolution of surface morphology of ICB deposited $Y_2O_3$ films upon annealing treatments. We observed that the root-mean-square(RMS) value of surface roughness measured by AFM increased with annealing time at $800^{circ}C$ in $O_2$ ambient, while the change of surface roughness was not observed in Ar ambient. We also found the growth of $SiO_2$ layer and the formation of yttium silicate layer. From the capacitance values $(C_{acc})$ measured by C-V measurements, the relative didldctric constant of $Y_2O_3$ film in metal-insulator-semiconductor(MIS) structure was estimated to be about 9.