Abstract Storage of hydrogen in solid‐state materials offers a safer and compacter way compared to compressed and liquid hydrogen. Vanadium (V)‐based alloys attract wide attention, owing to the total hydrogen storage capacity of 3.8 wt% and reversible capacity above 2.0 wt% at ambient conditions, surpassing the AB 5 ‐, AB 2 ‐ and AB‐type hydrogen storage alloys. However, several challenges, such as insufficient capacity, cyclic stability and high raw material costs, hinder the practical applications of V‐based alloys. This review provides an overview of the recent advances in hydrogen storage properties of V‐based alloys. The mechanism and optimization strategies of hydrogen storage properties and cyclic stability are discussed in detail, and furthermore, the approaches to reduce manufacturing costs are compared comprehensively.