Yttria-stabilized zirconia (YSZ), a thermal barrier coating material characterized by low thermal conductivity, is typically deposited via electron beam-physical vapor deposition. Notably, oxygen depletion occurs during this process, causing color changes in YSZ. Therefore, YSZ is speculated to undergo phase transformation during this process, which demands careful consideration owing to its effect on the life of thermal coatings. To study this phenomenon, bulk samples were prepared, subjected to vacuum heat treatment to induce oxygen depletion, and followed by oxidative heat treatment. Experimental results showed that the color of the samples changed to black after the vacuum heat treatment and to a lighter color after the oxidative heat treatment. In addition, X-ray diffraction and Raman analyses were performed. The monoclinic phase formation was confirmed during the vacuum heat treatment; however, it disappeared after the oxidation heat treatment. The coating obtained in a high vacuum atmosphere exhibited a black color and cubic phase, which changed to a bright color and tetragonal phase after the oxidation heat treatment.