Selective catalytic reduction of NOx with NH3 is one of the most widely used technologies in denitration. Vanadium-based catalysts have been extensively studied for the deNOx process. V2O5/WO3(MoO3)TiO2 as a commercial catalyst has excellent catalytic activity in the medium temperature range. However, it has usually faced several problems in practical industrial applications, including narrow windows of operation temperatures, and the deactivation of catalysts. The modification of vanadium-based catalysts will be the focus in future research. In this paper, the chemical composition of vanadium-based catalysts, catalytic mechanism, the broadening of the temperature range, and the improvement of erosion resistance are reviewed. Furthermore, the effects of four major systems of copper, iron, cerium and manganese on the modification of vanadium-based catalysts are introduced and analyzed. It is worth noting that the addition of modified elements as promoters has greatly improved the catalytic performance. They can enhance the surface acidity, which leads to the increasing adsorption capacity of NH3. Surface defects and oxygen vacancies have also been increased, resulting in more active sites. Finally, the future development of vanadium-based catalysts for denitration is prospected. It is indicated that the main purpose for the research of vanadium-based modification will help to obtain safe, environmentally friendly, efficient, and economical catalysts.