Two-dimensional (2D) V−V binary materials are gaining extensive attention because of high carrier mobility, largely tunable optical exciton properties, and high sensitivity to optical excitation. However, the luminescence efficiency and the radiation lifetime of black phosphorus are limited because of the high anisotropy feature of excitons. In addition, the effect of intrinsic dipole on the exciton behavior in these materials has yet to be explored. In the present work, the excitonic properties of α-, β-, γ-, and δ-phase 2D V−V nitrogen−phosphorus binary allotropes are explored using the Bethe−Salpeter equations combined with G 0 W 0 approximation systematically. The nitrogen substitution leads to the significantly modified electronic properties, including the increased oxidation activation energy from 0.03 to 0.40 eV, the enlarged band gap and direct-to-indirect band structure. It also leads to the reduced anisotropy but the opposite excitonic behavior due to the different introduction of intrinsic dipole between the α and β phases, including the brightness, radiation lifetime, effective mass, and real-space distribution. Because of high stability, long lifetime, and highly localized exciton states, the V−V binary materials with various phases have wide potentials for multifunctional and integrated applications.