The characteristics of indium tin oxide (ITO) thin film deposited on polyethersulfone (PES) film by low temperature E beam has been studied for the flexible photovoltaic devices. It was found that the substrate temperature in the deposition process affected the crystallization behavior of ITO during the post low temperature annealing process. Higher substrate temperature resulted in the increase of crystallinity of annealed ITO. Consequently, the lowering of sheet resistivity and better transmittance were obtained. Crystallization of ITO during the annealing process was facilitated by using oxygen gas in the deposition process and resulted in the enhancement on sheet resistivity and transmittance of ITO. The surface roughness of PES film prohibited the crystallization of ITO during the annealing process and it caused the increase of sheet resistivity and the decrease of transmittance of ITO.