The electrical, structural, and surface morphological properties of Ni/V Schottky contacts have been investigated as a function of annealing. The Schottky barrier height value from I-V and C-V measurements for as-deposited Ni/V/n-InP diode is 0.61 eV (I-V) and 0.91 eV (C-V), respectively. It has been observed that the Schottky barrier height decreases with increasing annealing temperature as compared to the as-deposited contact. For the contact annealed at 200 degrees C, the obtained barrier height decreased to 0.52 eV (I-V) and 0.78 eV (C-V). Further, the annealing temperature increased to 300 and 400 degrees C, the barrier height slightly increased to 0.58 eV (I-V), 0.82 eV (C-V) and 0.59 eV (I-V), 0.88 eV (C-V). However, after annealing at 500 degrees C, results then decrease in barrier height to 0.51 eV (I-V) and 0.76 eV (C-V), which is lower than the value obtained for the sample annealed at 200 degrees C. The Norde method is also employed to extract the barrier height of Ni/V/InP Schottky diode, and the values are 0.68 eV for the as-deposited and 0.56 eV for the contact annealed at 500 degrees C, which are in good agreement with those obtained by I-V technique. Based on the results of AES and XRD studies, it is concluded that the formation of indium phases at the Ni/V/n-InP interface may be the reason for the increase in the barrier height for the as-deposited contact. The decrease in the barrier height upon annealing at 500 degrees C may be due to the formation of phosphide phases at the interface. The AFM results showed that there is no significant degradation in the surface morphology (RMS roughness of 0.61 nm) of the contact even after annealing at 500 degrees C.