The vanadium redox flow battery (VRFB) has drawn wide attention for large‐scale stationary energy storage applications for its several advantages over the other conventional batteries, such as the scalability of its power and energy capacity, longer cycle life, and deep discharge capability. Herein, a detailed discussion of the modeling and development aspects of VRFB storage with a system‐level approach is contained. The benefits offered by the various modeling approaches, such as the empirical, lumped parameter, and dynamic electrical equivalent models, are analyzed in detail. The latest field applications of VRFB storage and the necessity of an optimized electrical interface for integrating the VRFB with intermittent renewable energy sources such as solar photovoltaic (PV) and wind energy sources are focused on. The electrical equivalent models of the VRFB are reported, and their performances are qualitatively compared. The comprehensive study and analysis provided in this study will help in widening the scope of further improvement of the VRFB system design, optimizing the design parameters for the development of suitable battery management systems (BMSs) for scalable power system applications.