Oxidation studies were conducted on V-5Cr-5Ti alloy specimens at 5000{degrees}C in an air environment to evaluate the alloy`s oxygen uptake behavior as a function of temperature and exposure time. Oxidation rates, calculated from measurements of thermogravimetric testing, are 5, 17, and 27 {mu}m after a 1-yr exposure at 300, 400, and 5000{degrees}C, respectively. Uniaxial tensile tests were conducted on preoxidized specimens of the alloy to examine the effects of oxidation and oxygen migration on tensile strength and ductility. Microstructural characteristics of several of the tested specimens were characterized by electron-optical techniques. Correlations have been developed between the tensile strength and ductility of the oxidized alloy and microstructural characteristics such as oxide thickness, depth of hardened layer, depth of intergranular fracture zone, and transverse crack length.