An electron microscope study has been made of the nominally cubic vanadium monoxide phase. Crystals of different composition varying over the whole phase field were grown by the floating zone and cold crucible methods. In oxygen‐rich specimens, after low‐temperature annealing, ordered domains of a tetragonal superlattice nucleate and grow in the cubic matrix. A partial phase diagram indicating the stability limits of the ordered phase, based on isothermal heat treatments, is proposed. For each of the three cubic orientations of the tetragonal domain c‐axis, sub‐domains of a tetragonal superlattice with large unit cell were found to exist in twin‐related orientations. The reciprocal lattice and hence structure of the superlattice was found by electron diffraction combined with the dark‐field imaging technique. The unit cell content is V244O320 and contains 20 tetrahedrally coordinated interstitial vanadium atoms as well as 96 vanadium vacancies.