Vanadium oxide aerogels containing vanadium in low oxidation states (V3+, V4+) were synthesized by a supercritical drying technique, using mixtures of acetone and ethanol as supercritical solvents. The V3+/V4+ ratio in aerogels was shown to be easily tuned by changing the composition of supercritical solvents. The microstructure of the aerogels was notably affected by the choice of precursors.