For the first time, the deposition of CuCrO2 thin films was carried out using a dual-target RF magnetron sputtering technique using Cu2O and Cr2O3 targets. The deposited films were subsequently annealed in N2 ambiance from 600–900 °C. This work reports that the electrical, optical, structural, and morphological properties of CuCrO2 thin films are significantly affected due to the variation in the annealing temperature. XRD analysis confirms the presence of single-phase CuCrO2 in the films annealed at 650 °C. The presence of Cu in the 1+ oxidation state in the phase pure CuCrO2 thin films was confirmed through XPS analysis. Further, through XPS analysis, the oxidation states of Cu and Cr, the full-width half maximum (FWHM), the peak positions, and their respective binding energies have been elucidated. SEM analysis confirms the promotion of nanocrystalline growth in the thin films as the annealing temperature was increased from 600 °C. The average grain size increased from 40.22 nm to 105.31 nm as the annealing temperature was increased from 600 to 900 °C. Optical studies conducted in the wavelength range of 200 nm to 800 nm revealed a decrease in the optical transmission and optical bandgap with an increase in the annealing temperature. The highest optical transmission of ~81% and an optical bandgap of 3.21 eV were obtained for the films depicting the delafossite nature of CuCrO2. The optical bandgap was found to vary between 3.16 eV and 3.74 eV for the films studied in this research. The lowest resistivity of 0.652 Ω cm was obtained for the films annealed at 650 °C. Transparent heterojunction diodes involving p-type delafossite copper chromium oxide (CuCrO2) and n-type indium tin oxide (ITO) were fabricated. The best diode depicted a cut-in voltage of 0.85 V, a very low leakage current of 1.24 x 10-8, an ideality factor of 4.13, and a rectification ratio of 2375.