Vanadium dioxide(VO2) film will be phase-transitioned from insulator into metal, accompanied with dramatic change on conductivity, which is named as photo-induced insulator-metal phase transition. Such phase transition of VO2 film has important application potentials in modulators or other functional devices for terahertz waves. In this paper, the transmission spectrum variations before and after the photo-induced insulator-metal phase transition of vanadium dioxide film are investigated, and the phase transition properties in terahertz(THz) region are analyzed. In the experiment, the phase transition of the VO2 film was induced by a continuous wave(CW) laser source and a femtosecond(fs) laser source, respectively. Obvious changes on the THz waveforms were observed for the both mentioned means of excitation, and the amplitude attenuation, as well as the signal distortion, was intensified with the increase of the impinging optical power. The fast Fourier transform(FFT) spectra of the transmitted THz time-domain signals were analyzed and it was found that the amplitude of the transmitted spectrum decreased synchronously with the increase of the optical power, accompanied with deformation of the spectrum line shape at the same time. The reason was that the macroscopic dielectric properties of the VO2 film approached gradually to that of a metal as laser power was increased. A parameter, transmission modulation function, was defined in the paper as the amplitude difference between the transmission spectra of the VO2 film before and after the laser excitation, to describe the dispersivity of the photo-induced phase transition more clearly. From the curve of the transmission modulation function, strong frequency-dependent properties at THz frequencies were found to vary regularly with the incident light power. After furthermore comparison, it was found that, though the insulator-metal phase transition could be trigged by both CW laser source and fs laser source, the corresponding impinging optical power values were obviously alternative for the equivalent transmission modulation function. At the end of the paper, the difference of the phase transition efficiency between the two excitation methods was analyzed and discussed.