Vanadium alloys are attractive candidate structural materials for breeding blanket of fusion reactors because of their low activation properties and high temperature strength. Studies on various blanket designs are being carried out using vanadium alloys as structural materials and liquid lithium or molten salt Flibe as breeding and coolant materials. Recently significant progress in fabrication technology has been made for vanadium alloys through a program of producing large ingots of high purity V-4Cr-4Ti (NIFS-HEATs). Fundamental understandings on the effects of interstitial impurities (C, N, O) on mechanical properties, radiation effects on microstructure and mechanical properties, corrosion and compatibility in various environments were enhanced. New promising candidates were identified for the MHD insulator coating. Among the remaining critical issues are the effects of transmutant helium on mechanical properties and development of long life MHD coating. Development of vanadium alloys will be carried out in coordination with IFMIF and ITER-TBM schedules as essential tools for verification of their performance in fusion blanket environments.