V2O5 and K2O-V2O5 impregnated MgAl2O4 catalysts were prepared and tested for the oxidative dehydrogenation of propane. The as-synthesized catalysts were characterized by using the XRD, BET, NH3-TPD, TPR, and XPS methods. The catalytic tests were performed in a fixed bed tubular quartz reactor system between 450 and 550 degrees C. It was observed that the conversion of propane increased but hydrocarbon selectivity decreased with increasing temperature over the V2O5/MgAl2O4 catalysts. The BET surface area values and surface acidities decreased upon potassium addition for the K-V2O5/MgAl2O4 catalysts, which resulted in a drastic drop in the conversion values obtained. The propylene and total hydrocarbon selectivities increased with increasing temperature.