Conducting polymers (CPs), by virtue of their important properties, like ready availability, easy processing, cost effectiveness, ease of functionalization and derivatization, and excellent electrical, optical, electrochemical and photochemical properties, have gained such enormous attention in the last few decades that they have found extensive employment in a wide variety of real-life applications, including bioimaging, tissue engineering, sensors, energy storage devices and optoelectronic devices. The most widely studied CPs are polyaniline, polythiophene, polypyrrole, poly(3,4-ethylenedioxythiophene) and polyacetylene. On the other hand, the CP poly(p-phenylene vinylene) (PPV) has attracted relatively much lesser attention over the years, in spite of it possessing several extraordinary attributes, like tuneable optical properties, good reactivity and high electrical conductivity. These properties can be achieved by merely changing the side chains attached to the main polymer backbone. Research on development of PPV has been going on for nearly about three decades; and it has been able to find some important applications in certain crucial fields, as mentioned below. Keeping this in mind, this review aims at focusing entirely on PPV, with the objective of bringing out its several positive attributes. The objective of this review is to analyze the potential of PPV towards getting involved in a number of practically important applications. For this purpose, discussions have been made on the major routes to synthesize PPV and its exciting properties (viz. electroluminescence and photoluminescence). In terms of applications, its involvements in light-emitting diodes, solar cells, sensors, bioimaging, field-effect transistors, supercapacitors, and actuators have been presented.