Vanadium redox flow batteries are increasingly recognized for their potential in large-scale energy storage, though challenges remain across various aspects of their operation. Among these, thermal management, flow field design, and electrolyte thermodynamics are key areas. This analysis highlights how improving thermal stability can enhance battery efficiency, demonstrates the importance of optimized flow field designs for better mass transport and reduced pressure drops, and examines the role of electrolyte thermodynamics in increasing energy density. Key developments in vanadium redox flow battery technology, such as hybrid cooling systems and models for optimizing electrolyte viscosity, are discussed. Despite progress in these areas, challenges remain, particularly under extreme operating conditions and in balancing electrolyte stability with fluid dynamics. This article employs a SWOT-like (Strengths, Weaknesses, Opportunities, and Threats) framework to analyze recent advancements and identify gaps for further research. While this approach is not widely used in scientific analysis, it offers many valuable insights.