<p>Chung-Langlands established a matrix-tree theorem for positive real-valued vertex-weighted graphs, and Wu-Feng-Sato developed a theory of Ihara zeta functions for those graphs. In this paper, generalizing and refining these previous works, we initiate the Iwasawa theory for vertex-weighted graphs, which is a generalization of the Iwasawa theory for graphs initiated by Gonet and Vallières independently. First, we generalize the matrix-tree theorem by Chung-Langlands to arbitrary field-valued vertex-weighted graphs. Second, we refine and prove the so-called decomposition formula for vertex-weighted graphs and edge-weighted graphs without any assumption. Applying these results, we prove the Iwasawa-type formula and a refinement of Kida’s formula for <InlineEquation ID="IEq1"> <EquationSource Format="TEX">\(\mathbb {Z}_p^d\)</EquationSource> <EquationSource Format="MATHML"><math> <msubsup> <mi mathvariant="double-struck">Z</mi> <mi>p</mi> <mi>d</mi> </msubsup> </math></EquationSource> </InlineEquation>-towers of vertex-weighted graphs. Our refinement of the decomposition formulas allows us to estimate the root-wise growth of weighted complexities in <InlineEquation ID="IEq2"> <EquationSource Format="TEX">\(\mathbb {Z}_p^d\)</EquationSource> <EquationSource Format="MATHML"><math> <msubsup> <mi mathvariant="double-struck">Z</mi> <mi>p</mi> <mi>d</mi> </msubsup> </math></EquationSource> </InlineEquation>-towers. We also provide several numerical examples.</p>