This study presents the microstructure-electrical property relationship of reactive-sputtered Ta$_2$O$_{5}$ MIM capacitor structure processed by annealing in a vacuum and $O_2$ ambience. A microstructural investigation showed the existence of amorphous phase in as-deposited condition and the formation of preferentially oriented-Ta$_2$O$_{5}$ in $700^{circ}C$ annealing. On annealing under the $O_2$ atmosphere, the Ta$_2$O$_{5}$ film exhibited the trend of its composition`s approaching to stoichiometry from off-stoichiometry, analyzed by EPMA, the leakage current decrease and the enhanced temperature-capacitance characteristic stability. In the case of low temperature vacuum-annealing treatment, the leakage current behavior was stable irrespective of applied electric field. In the high temperature-annealed film at a vacuum condition, the electrical properties was observed to deteriorate. The results state that in Ta$_2$O$_{5}$ film annealed at $O_2$ atmosphere, gives rise to improvement of electrical characteristics in the capacitor were improved by reducing oxygen-vacancy and dandling Ta-O bond.-O bond.