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Highly conductive TiO2 films with different Nb doping levels (up to 5 at%) were prepared by reactive DC magnetron sputtering under precise control of the oxygen partial pressure. They were deposited on unheated substrates, covered with a protective Si3N4 layer, and subsequently annealed at 300 °C. The doping efficiency of Nb is greater than 90%. Conductivity is a maximum for a partly oxidized target in the transition range. The best films exhibit a resistivity of 630 µΩ cm and a mobility of 7.6 cm2/Vs combined with a high transparency above 70%. Comparing the behavior of undoped and Nb-containing films, intrinsic limits of the conductivity in the TiO2−x:Nb system could be observed, and a consistent model explaining these findings is presented. The conductivity is limited—by decreasing electron density due to Nb oxidation—by increasing incorporation formation of Nb2O5 clusters as scattering centers with increasing oxygen partial pressure and Nb concentration, by a transition from the crystalline to the amorphous state of the films below a critical oxygen partial pressure.