With the intensification of global resource shortages and the environmental crisis, hydrogen energy has garnered significant attention as a renewable and clean energy source. Water splitting is considered the most promising method of hydrogen production due to its non-polluting nature and high hydrogen concentration. However, the slow kinetics of the two key reactions, the Hydrogen Evolution Reaction (HER) and Oxygen Evolution Reaction (OER), have greatly limited the development of related technologies. Meanwhile, the scarcity and high cost of precious metal catalysts represented by Pt and Ir/RuO2 limit their large-scale commercial application. Thus, it is essential to develop catalysts based on Earth’s transition metals that have abundant reserves. Vanadium (V) is an early transition metal with a distinct electronic structure from late transition metals such as Fe, Co, and Ni, which has been emphasized and studied by researchers. Numerous vanadium-based electrocatalysts have been developed for the HER and OER. In this review, the mechanisms of the HER and OER are described. Then, the compositions, properties, and modification strategies of various vanadium-based electrocatalysts are summarized, which include vanadium-based oxides, hydroxides, dichalcogenides, phosphides, nitrides, carbides, and vanadate. Finally, potential challenges and future perspectives are presented based on the current status of V-based electrocatalysts for water splitting.