The all‐vanadium redox flow batteries (RFBs) have been first developed in 1980s and are considered as one of the most promising systems for large‐scale and widespread electrochemical energy storage applications in terms of the intrinsic safety using aqueous electrolytes, cost‐effective upscaling, reliability and decades‐long lifetime. We introduce the features and key components of vanadium RFBs, including vanadium electrolytes, ion exchange membranes and electrodes. The optimization in the concentration of vanadium ions, types and concentration of supporting acids, use of different additives have been summarized, which determines the chemical and thermal stability, conductivity, viscosity, and the consequent operating performance. The redox anolyte and catholyte are separated by an ion exchange membrane. Properties of the membranes such as swelling behavior, conductivity for charge carrier ions, permeability and crossover for vanadium ions are discussed. Moreover, different membranes to conduct cations (such as Nafion membranes), anions and porous, size‐exclusion membranes are compared. For flow cell operation, the fluidic vanadium electrolytes are circulated through the electrochemical cell with typically carbon‐based electrode materials in thick felt or thin paper forms. The active sites are created by chemical methods or by using electrocatalysts. High power output can be realized by designing the flow channels of the bipolar plates.