Optical, mechanical, and electrical properties of ultrathin gate oxide grown at temperatures -<700~ in dry 02 have been studied as a function of annealing temperature in the range of 700~ to 1000~ The effective refractive index of these films was found to decrease with increasing anneal temperature. Strong reduction in intrinsic film stress was observed at anneal temperatures over 900~ Fixed charge densities, threshold voltages, and breakdown field strength are correlated with anneal temperatures. Fully processed poly-Si gate MOS devices indicate that oxides grown at 700~ and annealed at 900~ are suitable for device applications, while maintaining the benefit of low thermal budget. Conventional in situ postoxidation anneal above 1000~ is not required, as all post-gate thermal cycles provide adequate annealing.