Abstract: Vanadium redox battery (VRB) is a new type of energy storage systems，which can be used not only as an integrated energy storage equipment in photovoltaic and wind power systems，but also for power grid peak shaving to improve power quality. Based on the principle and characteristics of VRB，this paper reviews the R&D status of VRB system，including historical review，VRB structure and the main parameters of typical experimental systems in the world，and the recent progresses of VRB in China. Some important expectations for VRB development in the future are given.