Nanozymes, innovative artificial enzymes crafted from engineered nanomaterials, have been designed to address the inherent limitations of natural enzymes, such as expensive storage requirements, lack of structural stability, and sensitivity to chemicals. Vanadium oxide-based compounds have garnered significant interest lately, owing to their excellent biocompatibility, potent catalytic performance, and ease of surface modification, positioning them as a promising candidate for use in biosensing and environmental remediation. In this review, vanadium oxide-based compounds that mimicked different oxidoreductases, exhibiting peroxidase-, catalase-, oxidase/laccase-, and superoxide dismutase-like activities were summarized. Moreover, the current review offers an in-depth examination of the mechanisms, latest progress, and practical applications associated with each reported oxidoreductase-like function of nanozymes constructed from vanadium oxide-based compounds. In brief, this review identifies and discusses the present hurdles in the transition of vanadium oxide-based compounds into viable applications, providing recommendations for future research avenues.