A volume-translated Peng-Robinson (VTPR) equation of state (EOS) is developed in this study. Besides the two parameters in the original Peng-Robinson equation of state, a volume correction term is employed in the VTPR EOS. In this equation, the temperature dependence of the EOS energy parameter was regressed by an improved expression which yields better correlation of pure-fluid vapor pressures. The volume correction parameter is also correlated as a function of the reduced temperature. The VTPR EOS includes two optimally fitted parameters for each pure fluid. These parameters are reported for over 100 nonpolar and polar components. The VTPR EOS shows satisfactory results in calculating the vapor pressures and both the saturated vapor and liquid molar volumes. In comparison with other commonly used cubic EOS, the VTPR EOS presents better results, especially for the saturated liquid molar volumes of polar systems. VLE calculations on fluid mixtures were also studied in this work. Traditional van der Waals one-fluid mixing rules and other mixing models using excess free energy equations were employed in the new EOS. The VTPR EOS is comparable to other EOS in VLE calculations with various mixing rules, but yields better predictions on the molar volumes of liquid mixtures.