Redox flow batteries such as the all-vanadium redox flow battery (VRFB) are a technical solution for storing fluctuating renewable energies on a large scale. The optimization of cells regarding performance, cycle stability as well as cost reduction are the main areas of research which aim to enable more environmentally friendly energy conversion, especially for stationary applications. As a critical component of the electrochemical cell, the membrane influences battery performance, cycle stability, initial investment and maintenance costs. This review provides an overview about flow-battery targeted membranes in the past years (1995–2020). More than 200 membrane samples are sorted into fluoro-carbons, hydro-carbons or N-heterocycles according to the basic polymer used. Furthermore, the common description in membrane technology regarding the membrane structure is applied, whereby the samples are categorized as dense homogeneous, dense heterogeneous, symmetrical or asymmetrically porous. Moreover, these properties as well as the efficiencies achieved from VRFB cycling tests are discussed, e.g., membrane samples of fluoro-carbons, hydro-carbons and N-heterocycles as a function of current density. Membrane properties taken into consideration include membrane thickness, ion-exchange capacity, water uptake and vanadium-ion diffusion. The data on cycle stability and costs of commercial membranes, as well as membrane developments, are compared. Overall, this investigation shows that dense anion-exchange membranes (AEM) and N-heterocycle-based membranes, especially poly(benzimidazole) (PBI) membranes, are suitable for VRFB requiring low self-discharge. Symmetric and asymmetric porous membranes, as well as cation-exchange membranes (CEM) enable VRFB operation at high current densities. Amphoteric ion-exchange membranes (AIEM) and dense heterogeneous CEM are the choice for operation mode with the highest energy efficiency.