Vanadium-nitrogen alloy, as a new type of alloy additive. Vanadium-nitrogen alloy instead of vanadium-iron for vanadium alloying can significantly improve the comprehensive mechanical properties of steel, such as structural steel, tool steel, pipe steel, reinforcing steel and cast iron. Vanadium-nitrogen alloys used in high-strength low-alloy steels can effectively perform vanadium and nitrogen micro-alloying at the same time, promote the precipitation of carbon, vanadium, and nitrogen compounds in the steel, and play a more effective role in precipitation strengthening and grain refinement.