Ge2Sb2Te5 (GST) films, one of the most suitable Chalcogenide alloys for Phase change Random Access Memory applications are studied for changes in sheet resistance, optical transmission, morphology and surface science by annealing at various transition temperatures. The crystallization leads to an increase of grain size and roughness in the films and the resistance changes to three orders of magnitude. Optical studies on GST films show distinct changes during phase transitions and the optical parameters are calculated. An increase of Tauc parameters B1/2 indicates a reduction in disorder during phase transition. It is confirmed from XPS studies that Ge-Te, Sb-Te bonds are present in both amorphous and crystalline phases whereas Sb-Ge, Te-Te, Sb-Sb bonds are absent.