The purpose of this study is to investigate the effect of V 2 O 5 addition on the Ag and Cu precipitation in the NiCuZn ferrite layers of 7.7 × 4.5 × 1.0 mm sized multi-layer chip inductors prepared by the screen printing method using 0∼0.5 wt% V 2 O 5 -doped ferrite pastes. With increasing the V 2 O 5 content and sintering temperature, Ag and Cu oxide coprecipitated more and more at the polished surface of ferrite layers during re-annealing at 840 ? C . It was thought that during the sintering process, V dissolved in the NiCuZn ferrite lattice and the Ag-Cu liquid phase of low melting point was formed in the ferrite layers due to the Cu segregation from the ferrite lattice and Ag diffusion from the internal electrode. During re-annealing at 840 ? C , the Ag-Cu liquid phase came out the polished surface of ferrite layers, and was decomposed into the isolated Ag particles and the Cu oxide phase during the cooling process.