In recent years, supercapacitors (SCs) have attracted great attention in the field of energy storage, and design and engineering of effective electrode materials represent a critical part of the research efforts. Towards this end, vanadium (V)-based nanocomposites are of particular interest, primarily because vanadium possesses a variety of valence states (i.e., V²⁺, V³⁺, V⁴⁺, and V⁵⁺) and is low-cost. In this review article, there are mainly vanadium oxides, vanadium nitrides, vanadium sulfides, and mixed metal vanadates for V-based materials. And these compounds do their unique properties. In addition, recent advances in the preparation and electrochemical activity of V-based nanocomposites for SCs applications will be summarized, within the context of synthetic methods, nanocomposite morphologies, and electrochemical performances. This review is concluded with a perspective, where promises and challenges of functional nanocomposites for SCs applications will be highlighted.