A series of oxygen deficient LuFe(2)O(4-δ) materials have been prepared under a controlled oxygen partial-pressure atmosphere. Measurements of magnetization reveal that the increase of oxygen deficiencies could evidently depress the ferrimagnetic phase transition temperature (T(N)). In additional to the well-known charge ordering within the (11(-)0) crystal plane, a visible structural modulation with q = (0,1/4.2,7/8) commonly appears on the (100) plane in the oxygen deficient samples. An aberration-corrected transmission electron microscopy study on the oxygen deficient samples demonstrates the presence of oxygen vacancies and local structural distortion. The atomic structural features in correlation with the structural modulation, distortion of the FeO(5) polyhedron and the (001) twinning domains have been also examined.