Pure and (7, 12 and 17 wt%) fluorine doped vanadium oxide was synthesized by simple one-step hydrothermal treatment. XRD confirms the formation of mixed phases of orthorhombic V2O5 and monoclinic V3O7. Increasing trend in crystallite size with fluorine content was observed due to the replacement of fluorine in oxygen sites of vanadium oxide lattices. FESEM and EDX analysis ascertains the formation of platelets with uniform doping of vanadium pentoxide. Both samples exhibit maximum absorption in UV region and the band gap slightly decreases due to fluorine doping. The impedance characterization signal was analysed in the specific frequency range from 100 KHz to 0.01 Hz. The dielectric parameters are dependent on the frequency and different dopant ratios. The dielectric dispersion signal shows to decrease in dielectric values as frequency increases. The microstructure properties are successfully studied using Raman and FTIR spectroscopy. Under Q-switched frequency doubled Nd:YAG laser (532 nm, 9 ns, 100 μJ) excitation, both pure and fluorine doped vanadium oxide exhibit reverse saturable absorption. 17 wt% F doped V2O5 possesses a higher 2PA coefficient which arises mainly from the synergetic effect from the contribution of nanoplatelet morphology and incorporation of F as decorative element upon V2O5. Also two-photon absorption induced optical limiting action was witnessed and this makes them potential candidate for fabrication of laser safety googles.