Vanadium clusters were prepared by the inert gas aggregation technique by evaporating V of high purity. Structural characterization was performed by high-resolution transmission electron microscopy. Apart from vanadium clusters of bcc structures in different orientations, crystalline VO clusters of NaCl structures were observed, which was attributed to the reaction with free oxygen present on the amorphous carbon substrates. The latter could be detected by electron energy-loss spectroscopy. The exposure of the samples to air caused a change to amorphous structures, which re-crystallized under the electron beam. This effect was interpreted as a reaction with water present in the air.