It is shown that the intensity of the oxygen vacancy (V O ) related emission in ZnO at 2.45 eV correlates to the concentration of the donor level E4. E4 is located 530 meV below the conduction band and attributed to the V O 0/++ recharging. Deep level transient spectroscopy (DLTS) experiments with optical excitation locate the V O 2+/+ level position 140 meV below the conduction band and give evidence for the "negative-U" properties of the oxygen vacancies in ZnO. 1 Introduction Interest in ZnO has grown during the rescent years due to progress in crystal growth and its unique optical and electrical properties. ZnO has a direct bandgap of about 3.3 eV at room temperature and can be thought of as alternative to GaN opto-electronic devices for the blue spectral range. The reports on successful p-type doping have led to even higher expectations about the materials potential applications in electronics [1][2][3]. In addition, when doped with Mn, ZnO has been reported to exhibit ferromagentic behavior above room temperature [4], making it a prospective material for spintronics.Point defects have important effects on the optical and electronic properties of semiconductors. Their understanding is needed for a description of the specific properties of the material. In this paper we concentrate on the optical and electrical properties of the oxygen vacancy (V O ) in ZnO. Theoretical estimates for the level positions have been made recently by two independent groups [5,6]. In both cases neative-U ordering was predicted, implying that the (2+/+) lies above the (+/0) in the bandgap. Van de Walle [5] calculated the (0/++) transition level at ~ E v + 2.7 eV, the (2+/+) level close to the conduction band (E v + 3.3 eV) and the (+/0) level at ~ E v + 2.0 eV, while Lany [6] in his calculations obtained the respective level positions approximately 1 eV lower in energy.If the predicted negative-U behaviour is correct the V O + charge state is thermodynamically unstable. This seems to be o.k. since electron paramagnetic resonance (EPR) experiments required optical excitation for the detection of the V O + charge state [7][8][9]. Optically detected magnetic resonance (ODMR) experiments have shown that the V O is the cause of one of the "green" emissions in ZnO [10]. It originates from a spin-triplet excited state (S = 1) of the neutral vacancy V O 0 , and has its intensity maxmum at 2.45 eV (~506 nm) and a halfwidth of 450 meV at a temperature of 4 K.