We demonstrate a photo-induced high modulation depth terahertz (THz) modulator based on a VO x /Si/VO x hybrid structure. The thickness of the embedded high resistance silicon substrate is 510 µm and two layers of VO x films are 100 nm, respectively. Compared with other THz modulators based on the phase transition of vanadium oxide which were fabricated by complex chemical vapor deposition and sputtering processes, the VO x film in this device is fabricated using a simple spin coating process of VO x solution. The sample is characterized using a THz time-domain-spectroscopy system. In the test experiment, the insulator-metaltransition of the VO x is induced by two oblique incident pump lasers with a central wavelength of 650 nm from two sides. The experimental results show that it can be optically modulated in a wide frequency range from 0.2 to 2.0 THz, and the maximum modulation depth of 93% is realized when the optical power is 120 mW. Film theory and Drude theory are introduced to interpret the mechanism of modulation. This modulator has broadband, a simple fabrication process and very low optical power, which are important for broadband THz communication and all-optical THz systems.