Oxidation studies were conducted on V5Cr5Ti alloy specimens in an air environment to evaluate the oxygen uptake behavior of the alloy as a function of temperature and exposure time. The oxidation rates calculated from parabolic kinetic measurements of thermogravimetric testing and confirmed by microscopic analyses of cross sections of exposed specimens were 5, 17, and 27 μm per year after exposure at 300, 400, and 500°C, respectively. Uniaxial tensile tests were conducted at room temperature and at 500°C 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 determined by electron optics techniques. Correlations were developed between 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.