Vanadium‐based catalysts have shown activity and selectivity in ring‐opening metathesis polymerization of strained cyclic olefins comparable to those of Ru, Mo, and W catalysts. However, the application of V alkylidenes in routine organic synthesis is limited. Here, we present the first example of ring‐closing olefin metathesis catalyzed by well‐defined V chloride alkylidene phosphine complexes. The developed catalysts exhibit tolerance to various functional groups, such as an ether, an ester, a tertiary amide, a tertiary amine, and a sulfonamide. The size and electron‐donating properties of the imido group and the phosphine play a crucial role in the stability of active intermediates. Reactions with ethylene and olefins suggest that both β‐hydride elimination of the metallacyclobutene and bimolecular decomposition are responsible for catalyst degradation.