The tabloid format newspaper has a circulation of 5,000, and is distributed for free in and around the Portland State campus area.

The news section provides coverage of significant events relating to the university, administration, student government and the city of Portland.

The opinion section offers a variety of views on local and national news and politics and provides a forum of discussion and debate for students and faculty.

The newspaper's first issue was published by founding editor Don Carlo, a blind military veteran, on November 16, 1946, under the temporary nameplate Vet's Extended.

In early 1967, the Vanguard went on strike in objection to salary and budget cuts imposed by faculty members in the dean of students office, which maintained financial control over the paper at that time.

The cost of publication was covered by donations from faculty members, whose support was led by Donald R. Moor of the Philosophy Department.

The article immediately attraction the attention of the Committee for Accuracy in Middle East Reporting, and the group contacted the paper to voice its concern and request an apology.

By October 27, the article was removed from the Vanguard Web site and replaced it with an editor's note explaining that, after review, the story did not meet the paper's editorial standards.

In 2016, the student staff won five national awards from College Media Business and Advertising Managers.