Materials possessing nonlinear and saturable absorptions received significant interest due to their applicability in various novel technological applications such as optical limiting, Q-switching, upconversion lasing, and mode locking. [1][2][3][4] Nonlinear optical properties of materials like nonlinear and saturable absorptions are highly affected by localized defect states that alter the bandgap energy (E g ) in the structure. These states could be altered by changing the thickness of the material, doping the material, and heat treatment and can be filled by one-photon absorption (OPA), two-photon absorption (TPA), and free carrier absorption (FCA) mechanisms. [5][6][7][8][9][10] Among these mechanisms, TPA is the dominant mechanism when a laser energy between E g /2 and E g is used.Recent studies on transition metal oxides revealed their potential for novel photonic devices using their nonlinear optical properties. [11][12][13][14][15] Among the other transition metal oxides, V 2 O 5 is one the most stable and easily synthesized material. [16,17] Various morphologies of the V 2 O 5 thin films about transition from semiconductor-to-metallic phase (SMT) were reported at a transition temperature of 257 C. [18,19] V 2 O 5 thin films can be easily deposited onto different substrates using diverse techniques such as thermal evaporation, [20] pulsed laser deposition, [21][22][23] magnetron sputtering, [24,25] chemical vapor deposition, [26][27][28][29] sol-gel process, [30,31] ultrasonic spray deposition (USD), [32] and spray pyrolysis. [33][34][35] Among all of the deposition techniques, the USD method is highly promising as it allows effective material utilization, relatively low deposition cost, and deposition under atmospheric conditions. Typical applications of V 2 O 5 thin films include but are not limited to gas sensors, [36,37] catalysis, [38] electrochromics, [39,40] and optoelectronic applications. [41] Although there are numerous studies on the diverse properties of V 2 O 5 in the literature, [42][43][44][45][46][47] in contrast, only a few studies reported the nonlinear optical properties of V 2 O 5 . Nonlinear absorption characteristics of V 2 O 5 and Na-doped V 2 O 5 nanoparticles prepared by solution combustion were investigated by Molli et al. and Pradhan et al., respectively. [48,49] Mousavi et al. reported third-order nonlinear optical properties of V 2 O 5 nanoparticles doped with Co, [50] and Ravinger et al. reported thickness-dependent nonlinear absorption characteristics of the V 2 O 5 thin films produced by sol-gel. [51] In this work, the effects of annealing on nonlinear absorption, nonlinear refractive, and optical limiting behaviors of ultrasonic