In this paper, we have quantitatively analyzed effects of water on the physical and electrical properties of the deposited TiO//2 films for the first time. The physical properties (refractive index, etching rate, dielectric constant) showed clear dependencies upon the amount of added water, which revealed that precise control of the amount of water added to the sources was very important for realizing reproducibility for the fabrication of TiO//2. Improvement in the resistivity and the breakdown field of the film was also discussed. This work is pertinent to the use of titanium dioxide (TiO//2) as an insulator with a high dielectric constant for applications to memory cell capacitors or thin gate insulators in VLSI.