Hafnium oxide thin films with varying oxygen content were investigated with the goal of finding the optical signature of oxygen vacancies in the film structure. It was found that a reduction of oxygen content in the film leads to changes in both, structural and optical characteristics. Optical absorption spectroscopy, using nanoKelvin calorimetry, revealed an enhanced absorption in the near-ultraviolet (near-UV) and visible wavelength ranges for films with reduced oxygen content, which was attributed to mid-gap electronic states of oxygen vacancies. Absorption in the near-infrared was found to originate from structural defects other than oxygen vacancy. Luminescence generated by continuous-wave 355-nm laser excitation in e-beam films showed significant changes in the spectral profile with oxygen reduction and new band formation linked to oxygen vacancies. The luminescence from oxygen-vacancy states was found to have microsecond-scale lifetimes when compared with nanosecond-scale lifetimes of luminescence attributed to other structural film defects. Laser-damage testing using ultraviolet nanosecond and infrared femtosecond pulses showed a reduction of the damage threshold with increasing number of oxygen vacancies in hafnium oxide films.