In this study, we have investigated the effect of the substrate temperature and oxygen flow rate on the characteristics of IZO thin films for the OLED (organic light emitting diodes) devices. For this purpose, IZO thin films were deposited by RF magnetron sputtering at room temperature and $300^{circ}C$ with various $O_2$ flow rate. In order to investigate the influences of the oxygen, the flow rate of oxygen in argon mixing gas has been changed from 0.1sccm to 0.5sccm. IZO thin films deposited at room temperature show amorphous structure, whereas IZO thin films deposited at $300^{circ}C$ show crystalline structure having an (222) preferential orientation regardless of $O_2$ flow rate. The electrical resistivity of IZO film increased with increasing flow rate of $O_2$ under Ar+$O_2$. The change of electrical resistivity with increasing flow rate of $O_2$ was mainly interpreted in terms of the charge carrier concentration rather than the charge carrier mobility. The electrical resistivity of the amorphous-IZO films deposited at R.T. was lower than that of the crystalline-IZO thin films deposited at $300^{circ}C$. The change of electrical resistivity with increasing substrate temperature was mainly interpreted in terms of the charge carrier mobility rather than the charge carrier concentration. All the films showed the average transmittance over 85% in the visible range. The current density and the luminance of OLED devices with IZO thin films deposited at room temperature in 0.1sccm $O_2$ ambient gas are the highest amongst all other films. The optical band gap energy of IZO thin films plays a major role in OLED device performance, especially the current density and luminance.