Pb(ZrxTi1−x)O3 (PZT) films were grown by molecular beam epitaxy using hydrogen peroxide as a source of reactive oxygen. Phase composition as well as structural and electrical properties of the films were studied by x-ray diffractometry, scanning and transmission electron microscopy, conductive atomic force microscopy, and electrical (I-V and polarization-field) measurements. The hydrogen peroxide pressure was found to control the phase composition of the films. Excess peroxide leads to PbO inclusions in PZT layers, whereas deficiency results in the TiO2 or the ZrO2 phase. The second-phase inclusions can be responsible for high leakage current in the films. Precise control over the peroxide pressure is imperative for single-phase PZT films with good ferroelectric properties.