VO2 polymorphs present a unique opportunity to unravel diverse electronic properties possessed by their metastable phases. A highly reproducible, single-phase, and inexpensive synthesis method is challenging for obtaining VO2 polymorphs. Recent years have witnessed some exciting success in the growth and application of a wide range of VO2 polymorphs. This comprehensive review article delves into different polymorphs, including VO2(x) (x = A, B, M, R, C, P, and D), and investigates their distinct physical attributes. The primary focus of this article centers on providing a thorough overview of the recent progress made in stabilizing VO2(A) and VO2(B) polymorphs, emphasizing the significance of the coexistence of nanodomains at the film–substrate interface in stabilizing specific metastable phases. Additionally, the review article delves into advancements in understanding the phase transition mechanism, adjusting the order parameter in resistivity, and modifying the metal–insulator transition (MIT) temperature through doping. It also summarizes the structural, optical, electronic, and interface properties of these polymorphs and highlights their potential applications in next-generation electronic devices, particularly in the fields of sensing and energy storage.