Catalytic propane oxidative dehydrogenation (PODH) in the absence of gas phase oxygen is a promising approach for propylene manufacturing. PODH can overcome the issues of over-oxidation, which lower propylene selectivity. PODH has a reduced environmental footprint when compared with conventional oxidative dehydrogenation, which uses molecular oxygen and/or carbon dioxide. This review discusses both the stoichiometry and the thermodynamics of PODH under both oxygen-rich and oxygen-free atmospheres. This article provides a critical review of the promising PODH approach, while also considering vanadium-based catalysts, with lattice oxygen being the only oxygen source. Furthermore, this critical review focuses on the advances that were made in the 2010–2018 period, while considering vanadium-based catalysts, their reaction mechanisms and performances and their postulated kinetics. The resulting kinetic parameters at selected PODH conditions are also addressed.