Titanium-rich (Sr/Ti = 0.995) strontium titanate (ST) ceramics, air-sintered in a temperature range of 1400–1625 °C, were reported to possess anomalies in the grain growth and analogous anomalies in the grain boundary (GB) conductivity activation energy. However, these two interface-related phenomena, occurring at GBs, could not be associated with each other using a simple “brick-layer” model. In this work we revise the topic and advocate that the deviation from the model comes from the oxygen vacancies localized at GBs of the rapidly-cooled ST ceramics. To verify this, we annealed the ceramics in oxygen and performed their systematic and comparative analysis using impedance spectroscopy. A levelling-off in the GB conductivity activation energy, which increases for ≤1.24 eV, and a four-fold decrease in the GB permittivity are observed after annealing. Thus, we confirm a key role of oxygen vacancies in relation between the grain growth and GB conductivity anomalies of as-sintered Ti-rich ST ceramics.