We report optical properties of vanadium oxide nanocrystals. A nonhydrothermal synthesis controlling the reduction of V 5+ precursor by alcohol produced pure corundum V 2 O 3 and anosovite V 3 O 5 nanocrystals selectively, without necessitating high-temperature annealing. These small nanocrystals attained a thin plate-like morphology, and ensemble measurements showed different electronic transition properties from the bulk. We determined the complex dielectric functions, complex indices of refraction, and optical conductivities of nanocrystal thin films. Physical properties of anosovite V 3 O 5 nanocrystals were measured, indicating semiconducting behavior at room temperature.