A new nanocomposite of vanadium pentoxide (V2O5) and polyaniline (PANI) were synthesized by in situ oxidative polymerization/intercalation on V2O5 powder at room temperature. The reaction was facile and topotactic, forming polyaniline as the emeraldine salt. It was indicated that V2O5 itself can catalyze the oxidative polymerization of aniline and that layered structure could make aniline intercalate into the V2O5 framework. It makes the in situ polymerization feasible to occur in the layer of V2O5 structure. XRD results showed PANI/V2O5 nanocomposite possessed lamellar mesostructure, which was determined by an X-ray diffraction peak at 6.5° and SEM photograph. And FT-IR spectrum suggested that there was interaction between PANI and V2O5. The hybrid had better thermal stability in N2 and air ambience.