Thin films of pure metals, alloys, semiconductors and organic compounds are indispensable tools in industry, which anticipate and recognize novel functional materials for the development of microelectronics. Thin film technology makes it possible to deposit ultra-thin functional material layers on a base substrate to form many active and passive micro-miniaturized components and devices such as solar cells, radiation sources, sensors, magnetic devices, bolometers, switching devices, photodiodes, digital versatile disk (DVD), flat panel display etc. Thus thin films play a dominant role in modern technology like opto-electronics, microelectronics etc. The study of surfaces and thin films overlaying them has been carried out for many years. But recently, it has become increasingly important in several fields of study. Thin film properties such as optical, electrical and magnetic properties are very much interested in research areas. Thin film properties are strong dependent on the method of deposition, the substrate materials, the substrate temperature, the rate of deposition, the background pressure etc. Specific application in modern technology demand tailor made film properties, for example, high optical reflection / transmission, hardness. adhesion, nonporosity, high mobility of charge carriers / insulating properties and chemical inertness, which are possible with a selection of suitable functional materials and deposition techniques. Various techniques used to deposit thin films and the material properties of MIO and its crystal structure are summarized with our results.