New approaches to the development of vocational education and training (VET) in EU in the context of European strategies on lifelong learning are analysed. The author discuses new research findings in the European VET conceptualization taking into account the changes in its character, functions, roles and ways of VET development in EU countries. It has been stated that modern European concepts of VET development is being elaborated within three perspectives – gnoseological and pedagogical, structural and systematic, social and economic. The article emphases the structural and systematic dimension of VET based on international classifications (ISCED 2012, European Qualification Framework). Within the changes in VET landscape, some challenges are becoming vital – that is appearance of new sectors in VET; growth of the VET providers on higher qualification levels; dissemination of new professional curricula, qualification programs for unemployed youth and other categories of population, etc. Quite challenging an issue of building the common view on the perspectives based on benchmarking and identification of terminology remains, beginning from the historically different interpretation of ‘vocational education’ in EU countries. The transition of VET to a competence-based approach showed national differences in different interpretations of ‘competence’ due to the peculiarities in institutional structures and labour processes in various EU countries.