Advantages of vanadium alloys for fusion reactor structural applications are: low induced activation, excellent thermal stress factor, high strength at elevated temperatures, and superior ductility at low temperatures. Resistance to irradiation damage is also very impressive, i.e. very small DBTT shift by irradiation and low swelling. Research and development of vanadium alloys have made a remarkable progress in recent years partly supported by ITER-related activities. Composition range centered about V4Cr4Ti is the target of many of the studies conducted in the US, Japan and RF. Most of the studies have demonstrated the superior performance of this alloy family, while some alloys containing large amount of impurities have shown relatively poor properties. In addition to the baseline mechanical properties, neutron irradiation effects, e.g., swelling and radiation embrittlement are covered in this paper. Of particular importance is the study of the effects of dynamically-charged helium on mechanical properties and swelling. Recent developments of insulator coatings and welding are also covered. The importance of mechanistic studies of the damage behavior is emphasized for efficient alloy development and prediction of materials life in service.