In recent years, research and application of mass spectrometry (MS) on RNA molecules have begun to flourish. However, MS/MS fragmentation behaviors of RNA oligonucleotides (oligos) are far from being fully understood. In this study, we have investigated the effect of the terminal phosphate group on the fragmentation behaviors of RNA oligos using high-resolution mass spectrometry. Specifically, we synthesized eight RNA oligos containing a terminal phosphate group on either or both ends, or neither. Negative-ion mode collision-induced dissociation (CID) and higher-energy collisional dissociation (HCD) of those oligos revealed that the terminal phosphate group impacted the fragmentation behaviors of RNA oligos in a way that depended on the precursor charge state and the oligo length. Firstly, a terminal phosphate group trends to impart higher negative charges to precursor ions of RNA oligos. Secondly, a terminal phosphate group(s) bestows a predominant loss of phosphoric acid (-H3PO4) or metaphosphoric acid anion (-[PO3]-) from RNA oligo precursors in their CID or HCD spectra, especially for precursors of intermediate charge states. This uninformative loss decreases the intensity of sequencing ions (a-, a-B,b-, c-, d-, w-, x-, y-, z- ions), hindering the sequencing and characterization of RNA oligos by CID/HCD. The terminal phosphate groups can be removed using calf intestinal alkaline phosphatase (CIP), and we show that CIP treatment improved MS analysis of RNAs with a terminal phosphate group on either or both ends. Additionally, we found that the peak intensity of m/z 158.925, which we have identified as a dehydrated pyrophosphate anion, [HP2O6]- , is markedly increased by the presence of a terminal phosphate group on RNA oligos. This study contributes to the knowledge base on which software tools could be developed for high-throughput characterization of RNA oligos using tandem mass spectrometry.