The archery arrow having improved flight characteristics of the present invention is designed to improve the accuracy of the arrow which is equipped with a dampening medium within the central bore of the arrow shaft. The dampening materials in an embodiment may include, but not be limited to, silicon, epoxies or urethanes and selection of various dampening materials may provide for varying degrees of stiffness. The dampening effects of internal dampening materials decrease the initial deflection distance of the arrow and also serves to decrease the deflection with each oscillation. In addition, the dampening medium adopted in the present invention provides for an arrow having a selectable center of gravity location that has improved flight characteristics. Thus, the dampening materials adopted in the present invention provide for a selected location of center of gravity and a desired attenuation of oscillations.