Vanadium remains an important microalloying element in the metallurgical industry and has more recently become important in energy storage. Such applications provide important opportunities in carbon reduction initiatives. They must be exploited safely and therefore understanding the toxicological profile of vanadium and its compounds, and ensuring ongoing regulatory efforts are appropriate is vital. This perspective details some of the technical challenges and common misconceptions in vanadium chemistry and toxicology and outlines knowledge gaps and areas of research that the authors believe must be addressed to achieve full benefit within a scientifically sound regulatory framework.