V$_{2}$O$_{5}$ and K$_{2}$O-V$_{2}$O$_{5}$ impregnated MgAl$_{2}$O$_{4}$ catalysts were prepared and tested for the oxidative dehydrogenation of propane. The as-synthesized catalysts were characterized by using the XRD, BET, NH$_{3}$-TPD, TPR, and XPS methods. The catalytic tests were performed in a fixed bed tubular quartz reactor system between 450 and 550 $^{\circ}$C. It was observed that the conversion of propane increased but hydrocarbon selectivity decreased with increasing temperature over the V$_{2}$O$_{5}$/MgAl$_{2}$O$_{4}$ catalysts. The BET surface area values and surface acidities decreased upon potassium addition for the K-V$_{2}$O$_{5}$/MgAl$_{2}$O$_{4}$ catalysts, which resulted in a drastic drop in the conversion values obtained. The propylene and total hydrocarbon selectivities increased with increasing temperature.