The vanadium-based Selective Catalyst Reduction (SCR) aftertreatment technology is the key method for medium and heavy diesel engine to achieve the IV/V European Standard Regulation for Vehicle Pollutant. The researches on the advantages of vanadium-based SCR technology, the performance optimization and integration of the vanadium-typed catalyst with other aftertreatment technology are reviewed. Special attentions are paid to performance of NO_x conversion for the vanadium-based SCR system, the effect of the catalyst on the emission of THC, CO, and PM, the emission of greenhouse gas, the resistance to sulfur poisoning, and cost advantages. Aiming at the catalyst performance optimization, the emphases are given to the effects of catalyst volume, urea solution injection strategies, urea vaporization and distribution on the catalyst performance, as well as performance of the SCR catalyst in the cold start-up of engine. At last, the different layout of vanadium-typed catalyst with other aftertreatment is discussed. In addition, the future development in this field is explored.