Abstract: Vanadium is mostly produced as co-occurring minerals, and the mineral resources for extracting vanadium mainly come from vanadium titanium magnetite and vanadium bearing carbonaceous shale. Vanadium has a wide range of applications in industries such as steel, automotive, aviation, defense, and new energy. China is a major vanadium resource country and the world’s largest producer and consumer of vanadium, playing an important role in the global vanadium supply chain. China has abundant vanadium titanium magnet resources and coal vanadium resources, but they are low-grade vanadium containing resources. Vanadium extraction requires advanced process equipment and emphasizes green, environmentally friendly, and clean utilization. This paper analyzes the current situation and trends of vanadium resource reserves, vanadium product production, consumption, and trade, and summarizes the overall supply and demand situation of vanadium resources. It is expected that with the further development of global energy transformation and energy storage technology, the demand for vanadium in the energy storage field will continue to grow in the future, while the demand for vanadium in the domestic steel industry will show a trend of first increasing and then slowly decreasing. Suggestions include strengthening the coordinated development with the steel industry, paying attention to hot issues related to the development of vanadium related industries, emphasizing the large-scale, intensive, and green development of vanadium resources, conducting research on vanadium product reserves, and improving the quality of high-end vanadium application products to support the stable development of China’s vanadium industry.