By magnetron controlled sputtering system, a new nanostructured metastable monoclinic phase VO2 (B) thin film has been fabricated. The testing result shows that this nanostructured VO2 (B) thin film has high temperature coefficient of resistance (TCR) of -7%/K. Scanning electron microscopy measurement shows that the average grain diameter of the VO2 (B) crystallite is between 100 and 250 nm. After post annealed, VO2 (B) crystallite is changed into monoclinic (M) phase VO2 (M) crystallite with the average grain diameter between 20 and 50 nm. A set up of testing the thin film switching time is established. The test result shows the switching time is about 50 ms. With the nanostructured VO2 (B) and VO2 (M) thin films, optical switches and high sensitivity detectors will be presented.