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In the present work, aluminothermic reduction of vanadium pentoxide have been used to produce aluminium vanadium alloys. The effect of addition of lime and excess aluminium on the produced alloy was studied. The experiments were carried out in air and in argon. The alloys microstructure were analyzed bu light and scanning electron microscopy. Other methods such as XRD, XRF, ICP, AAS and titration were employed to analyzed the alloy and the slag. It was found that the addition of lime and excess aluminium increase the yield of the alloy. Vanadium recovery was not affected by the atmosphere used.