A new transparent conducting indium vanadium oxide (IVO) thin film is developed by using a modification-specific reactive thermal coevaporation method. Electrical and optical characteristics of IVO films were studied with different vanadium doping concentration, which shows good optical transmittance in the visible spectra range and a minimum electrical resistivity of 7.95 x 10(-4) Omega.cm corresponding to a carrier density of 2.28 x 10(20) cm(-3) and a Hall mobility of 34.5 cm(2) V(-1) s(-1), respectively. Using IVO film as the anode, OLED shows a reduced turn-on voltage and significantly enhanced luminance and electroluminescence efficiency with respect to the device with an ITO anode. Our results indicate that IVO is a promising transparent conducting oxide material, and a suitable electrical contact for hole injection in OLEDs.