Abstract: Vanadium oxide (VO_x) is a highly correlated electronic material. Because of the nonlinear hysteresis characteristics of the metal–semiconductor phase transition, its thermoelectric performance has high research value. VO_x thin films are widely used in space exploration, artificial intelligence (AI), and medical treatment because of their many applications in infrared devices, spatial light modulators, optical memories, optical information processors, and other optoelectronic devices. This study investigated the thermal hysteresis curves of the thermoelectric characteristics of VO_x thin films. A data model was established based on the resistance and temperature characteristics of these VO_x films, along with the Preisach theory. The temperature rise and fall characteristics of the VO_x films under this theoretical framework were studied by establishing a discrete Preisach triangle array, and the experimental data were simulated and fitted. The results showed that the calculated thermal hysteresis loop matched well with the experimental data for the VO_x films.