X-ray photoelectron spectroscopy was used to study the direct synthesis of strontium and molybdenum oxide thin films deposited by multitarget reactive magnetron sputtering (MT-RMS). Sr and Mo targets with a purity of 99.9% and 99.5%, respectively, were co-sputtered in an argon–oxygen gas mixture. The chamber was provided with an oxygen background flow plus an additional controlled oxygen supply to each of the targets. We demonstrate that variation in the power applied to the Mo target during MT-RMS enables the production of strontium and molybdenum oxide films with variable concentrations of Mo atoms. Both molybdenum and strontium were found in the oxidized state, and no metallic peaks were detected. The deconvoluted high-resolution XPS spectra of molybdenum revealed the presence of several Mo 3d peaks, which indicates molybdenum bonds in a lower valence state. Contrary to the Mo spectra, the high-resolution strontium Sr 3d spectra for the same samples were very similar, and no additional peaks were detected.