To develop ultrathin gate oxide for ULSI MOSFETs, for the first time, we fabricated MOS capacitors with 65.angs. thick initial oxide grown by high pressure oxidation (HIPOX) at 700.deg. C in 5 atmosphere $O_{2}$ ambient and then followed by rapid thermal nitridation (RTN) in N$_{2}$O ambient. The dielectric breakdown fields of the initial HIPOX oxide are 13.0 MV/cm and 13.8MV/cm for negative and positive gate bias, respectively and are dependent on nitridation temeprature and time.The lifetimes of the HIPOX oxides extractd by TDDB method are 1.1*10$^{8}$ sec and 3.4 * 10$^{9}$ sec for negative and positive stress current, respectively. The lifetime of the HIPOX oxide dfor negative stress current increases with nitridation time in N$_{2}$O ambient at 1100.deg.C, reaching maximum value stress curretn increases with nitridation time in N$_{2}$O ambient at 1100.deg. C reacing maximum value of 1.2*10$^{9}$ sec for 30 sec of nitridation time, and then subsequently decreases at the longer nitridation time. The lifetimes of the nitrided-HIPOX oxides are longer than 10 years when nitridations are carried out longer than about 50 sec and 12 sec at 1000.deg. C, and 1100.deg. C, respectively.