A novel Voltage Controlled Oscillator (VCO) without inductances has been fabricated for the first time based on Dual Base Transistor (DUBAT).The operating mechanism is analyzed in detail and the equivalent circuit is proposed.The results simulated by SPICE are consistent with those of experiments.The features of the simplicity of DUBAT structure and the compatibility of bipolar integrating process make this novel VCO a promising candidate for combination of VCO with functional circuits on a single silicon chip.