<p>Regarding the future development of high-strength vanadium-microalloyed steels for applications in structural, line pipe, automotive, engineering, energy, naval and defence sectors, further attention is required in the areas of V-precipitation mechanism, compositional changes within the V-precipitates and precipitation strengthening of ferrite from interphase precipitates and random precipitates. The review addresses some of those areas by summarizing the fundamental research studies and recent research findings. Initially, the mechanisms and models proposed on V-precipitation during austenite to ferrite transformation are discussed. The chronological progress in understanding the nature of V-precipitation concerning the precipitate distribution and morphology (namely interphase precipitation, random precipitation and fibrous precipitation) is reviewed. Finally, some of the further scopes of studies are identified. The emphasis of the present review is on the scientific understanding of different types of precipitation in V-microalloyed steel.</p>