The LG V20 continues the user-friendly hardware access design of the LG G5, having a removable back chassis of aluminum alloy for a significantly streamlined and convenient battery removal as well as easy access to internal components for any repairs, with polycarbonate plastic top and bottom caps, a USB-C connector compliant with Qualcomm's Quick Charge 3.0, and a rear-mounted power button with an integrated fingerprint reader.

The V20 features a 5.7-inch 1440p IPS LCD display with up to 500 nits of brightness, coated in Gorilla Glass 4, utilizing the Qualcomm Snapdragon 820 processor with 4 GB of LPDDR4 RAM.

The removable aluminum alloy cover, as well as the removable battery, is designed to act as shock and impact dissipation in the event that the V20 is dropped, in which case both will pop out from the main body and absorb the impact, dispersing the weight over the battery and cover, leaving the main components and screen less affected by drop damage compared to other smartphones.

The V20 shipped with Bang & Olufsen H3 in-ear headphones for a limited time, and the phone's audio specifications and sound is tuned by the same company in some countries, including the international variants (indicated by the B&O logo on the back of the cover).

There is no LG support for unlocking the V20 bootloader; it is reported to be possible though means of DirtySanta (except H918 which instead relies on Lafsploit), but difficult and with the risk of damaging the phone,[16] and custom ROM images such as LineageOS have been unofficially produced.

It had high acoustic overload point (AOP) microphones that allowed recording in very loud concert settings.