Supported vanadium oxide catalysts are active in a wide range of applications. In this review, an overview is given of the current knowledge available about vanadium oxide-based catalysts. The review starts with the importance of vanadium in heterogeneous catalysis, a discussion of the molecular structure of vanadium in water and in the solid state and an overview of the spectroscopic techniques enabling to study the chemistry of supported vanadium oxides. In the second part, it will be shown that advanced spectroscopic tools can be used to obtain detailed information about the coordination environment and oxidation state of vanadium oxides during each stage of the life-span of a heterogeneous catalyst. Three topics will be discussed: (1) the molecular structure of supported vanadium oxide catalysts under hydrated, dehydrated and reduced conditions, including the parameters, which influence the molecular structures formed at the surface of the support oxide; (2) elucidation of the active surface vanadium oxide during the oxidation of methanol to formaldehyde, the reaction mechanism and the vanadium oxide-support effect; and (3) deactivation of fluid catalytic cracking (FCC) catalysts by migration of vanadium oxides and the development of a method preventing the structural breakdown of zeolites by trapping the mobile vanadium oxides in an aluminum oxide coating.