The pyrrhotite-type compounds Fe7¡yVyS8 have been synthesized and studied by means of the X-ray diffraction and magnetization measurements in order to reveal how the substitution of V for Fe affects the crystal structure, phase transition and magnetic properties. The growth of the V content in Fe7¡yVyS8 results in changes of the crystal structure and leads to a sharp decrease in the resultant magnetization, non-monotonous change of the coercive field and reduction of the magnetic ordering temperature. Unlike ferrimagnetic ordering in pyrrhotite Fe7S8 the compound V7S8 is observed to exhibit a Pauli-paramagnetic behaviour.