Abstract: This is a paper in the field of metallurgical engineering. Organophosphorus class extractant D2EHPA (P204) is very widely used in vanadium extraction. Firstly, the form of vanadium present in the leach solution affects the effect of extraction, V(IV) is mainly stable in solution in the form of VO²⁺ in a strongly acidic solution; when the pH value gradually increases, V(V) mostly exists in the form of H₂V₁₀O₂₈ ^4- and HV₁₀O₂₈ ^5-. Secondly, based on the research of organophosphorus extractant P204 in recent years, this paper analyzes the conformational relationship of organophosphorus extractant P204 and finds that the spatial site resistance effect is equally important as a secondary factor compared with the type of phosphoryl adjacent groups, based on the hydrogen bonding effect, the extractant molecules will produce dimers or even multimers between them, thus changing the structure and properties of the extractant molecules. Finally, the progress of the development and application of P204 extractive vanadium and the outlook on the future of the related fields are presented, pointing out the future research directions of P204 extractive agents.