In this paper, thermal stability of Nickel silicide formed on p-type silicon wafer using Ni-V alloy film was studied. As compared with pure Ni, Ni-V shows better thermal stability. The addition of Vanadium suppresses the phase transition of NiSi to $NiSi_2$ effectively. Ni-V single structure shows the best thermal stability compared with the other Ni-silicide using TiN and Co/TiN capping layers. To enhance the thermal stability up to $650^{circ}C$ and find out the optimal thickness of Ni silicide, different thickness of Ni-V was also investigated in this work.