We have recently reported the perchlorinated diniobaborane species [(Cp*Nb)2(B2H4Cl2)2] from [(Cp*Nb)2(B2H6)2] using CCl4 as chlorinating agent. In an attempt to isolate the vanadium analogue, we have isolated [(Cp*V)2(B2H6)2], 1 from the reaction of (Cp*VCl2)3 with [LiBH4•THF] followed by thermolysis with excess [BH3•THF]. Subsequently, the thermolysis of 1 with CCl4 for a prolonged period of time afforded perchlorinated divanadaborane [(Cp*V)2(B2H4Cl2)2], 2 along with the formation of bichlorinated divanadaborane [(Cp*V)2(B2H5Cl)2], 3 and trichlorinated divanadaborane [(Cp*V)2(B2H4Cl2)(B2H5Cl)], 4. Similarly, in order to functionalize the terminal B-H by {SePh} group, thermolysis of 1 was carried out with Ph2Se2 that yielded persubstituted divanadaborane [(Cp*V)2{B2H4(SePh)2}2], 5 in parallel to the formation of [(Cp*V)2{B4H11(SePh)}], 6. Compound 5 is very fascinating in which all the terminal B-H hydrogens of 1 have been substituted by {SePh} ligands. All the compounds have been characterized by 1 H, 11 B, 13 C NMR spectroscopy; mass spectrometry; IR spectroscopy and single crystal X-ray analysis. Density functional theory (DFT) and TD-DFT calculations provided further understanding regarding the electronic structures, bonding and electronic transitions of these persubstituted vanadaborane species.