Thin films of vanadium oxide(VO$\_$x/) have been deposited by r.f. magnetron sputtering from V$_2$O$\_$5/ target in gas mixture of argon and oxygen. The oxygen/(oxygen+argon) partial pressure ratio is changed from 0% to 8%. Crystal structure, chemical composition, bonding, optical and electrical properties of films sputter-deposited under different oxygen gas pressures are characterized through XPS, AES, RBS, FTIR, optical absorption and electrical conductivity measurements. V$_2$O$\_$5/ and lower oxides co-exist in sputter-deposited films and as the oxygen partial pressure is increased the films become more stoichiometric V$_2$O$\_$5/. The increase of O/V ratio with increasing oxygen gas pressure is attributed to the partial filling of oxygen vacancies through diffusion. It is observed that the oxygen atoms located on the V-O plane of V$_2$O$\_$5/ layer participate more readily in the oxidation process. With increasing oxygen gas pressure indirect and direct optical band gaps are increased, but thermal activation energies are decreased.