The effects of vanadium addition on the solidification microstructure and mechanical properties of Al–4Ni alloy were investigated via thermodynamic computation, thermal analysis, microstructural observations, and mechanical properties testing. The results show that the nucleation temperature of primary α-Al increased with increased vanadium addition. A transition from columnar to equiaxed growth took place when adding vanadium to Al–4Ni alloys, and the average grain size of primary α-Al was reduced from 1105 μm to 252 μm. When the vanadium addition was 0.2 wt%, the eutectic nucleation temperature increased from 636.2 °C for the Al–4Ni alloy to 640.5 °C, and the eutectic solidification time decreased from 310 s to 282 s. The average diameter of the eutectic Al3Ni phases in the Al–4Ni–0.2V alloy reduced to 0.14 μm from 0.26 μm for the Al–4Ni alloy. As the vanadium additions exceeded 0.2 wt%, the eutectic nucleation temperature had no obvious change and the eutectic solidification time increased. The eutectic Al3Ni phases began to coarsen, and the number of lamellar eutectic boundaries increased. The mechanical properties of Al–4Ni alloys gradually increased with vanadium addition (0–0.4 wt%). The Al–4Ni–0.4V alloy obtained the maximum tensile strength and elongation values, which were 136.4 MPa and 23.5%, respectively. As the vanadium addition exceeded 0.4 wt%, the strength and elongation decreased, while the hardness continued to increase. Fracture in the Al–4Ni–0.4V alloy exhibited ductile fracture, while fracture in the Al–4Ni–0.6V alloy was composed of dimples, tear edges, and cleavage planes, demonstrating mixed ductile–brittle fracture. The cleavage planes were caused by the primary Al10V and coarse Al3Ni phases at the boundary of eutectic cells.