1% vanadium doped ZnO powders have been successfully synthesized via two different preparation techniques viz., glycine assisted combustion method and mechanical attrition method to understand their impact on the structure-property relation. X-ray Diffraction study validates the Wurtzite phase formation of ZnO with hexagonal structure. X-ray diffraction peak discloses the marked role of size and strain component. Evidently, the shift of lattice strain with the preparation techniques from compressive to tensile nature show the importance of structure property relations in the ZnO compounds. SEM micrographs depict the formation of densely populated nanograins with networking like structures which is characteristics of combustion synthesized product whereas as top down approach exhibits the presence of coarse grains amidst the broken sea of fine particles. Selected area electron diffraction (SAED) images display ring and bright circular spot pattern with changes in method of preparation, which further clarifies the distinct nature of investigated ZnO:V particles. Vibrational spectral study gives clear evidence on the structural disorder as deduced from the changes associated with longitudinal optical mode phonon scattering. Interestingly, the UV spectral study divulges the increment in optical band gap as well as a strong visible light absorption (about 30 %) for milled ZnO:V over their chemically prepared counterparts. Photoluminescence spectra of milled V doped ZnO upheld the structural disorder taken place with the suppression of Near Band Edge (NBE) transition and the shifting of broad asymmetric defect emission band towards the lower wavelength regime. Impedance study enlightens the crucial role of synthesis method with 5 times enhanced grain boundary resistance along with suppression of grain contribution in the milled samples. Magnetic study highlights the remarkable distinction of preparation route which alters the ferromagnetic ordering in the combustion synthesized samples to conventional diamagnetic signature of the host ZnO in the milled samples.