Vanadium‐containing Keggin‐type heteropolyoxo molybdate ([PV2Mo10O40]5−) was supported on silica SBA‐15 (denoted as PV2Mo10‐SBA‐15). The structural evolution and catalytic activity of PV2Mo10‐SBA‐15 and a suitable reference V2Mo10Ox‐SBA‐15 were investigated under selective propene oxidation conditions by using in situ X‐ray absorption spectroscopy. 31P MAS NMR measurements of supported PV2Mo10‐SBA‐15 and reference H3PO4‐SBA‐15 were performed after the catalytic reaction. PV2Mo10‐SBA‐15 formed a mixture of mainly tetrahedral [MoOx] and [VOx] units during thermal treatment under propene oxidation conditions. Changes in the average local structure around V centers coincided with the changes in the average local structure around Mo centers and the onset of catalytic activity. In addition, mainly tetrahedral [MoOx] and [VOx] units seemed to be in close proximity and interacted under catalytic conditions. Conversely, in the reference material V2Mo10Ox‐SBA‐15 synthesized with individual V and Mo source precursors, Mo and V centers appeared to be more separated from each other. The structural environment of P in PV2Mo10‐SBA‐15 under catalytic conditions corresponded to a mixture of various species. P was connected to both the support material SBA‐15 via POSi bonds and [MoOx] or [VOx] units. Apparently, the proximity of V and Mo in Keggin precursors was a prerequisite for obtaining (Mo,V) oxide species on the support material.