The coordination complex consists of the vanadyl group, VO2+, bound to two acac– ligands via the two oxygen atoms on each.

It is a weak Lewis acid, forming adducts with pyridine and methylamine.

[1] It is used in organic chemistry as a catalyst for the epoxidation of allylic alcohols by tert-butyl hydroperoxide (TBHP).

TBHP oxidizes VO(acac)2 to a vanadium(V) species which coordinates the alcohol of the substrate and the hydroperoxide, directing the epoxidation to occur at the alkene close to this coordination site.

[4] It has also been shown inhibit tyrosine phosphatase (PTPase), PTPases[clarification needed] such as PTP1B, which dephosphorylates insulin receptor beta subunit, thus increasing its[clarification needed] phosphorylation, allowing for a prolonged activation of IRS-1, PKB, and GSK-3, allowing them to exert their anti-diabetic properties.