Due to the high reliability and high theoretical capacity, lithium‐ion batteries (LIBs) have been widely studied in the world. Nevertheless, the existing LIB systems currently exhibit comparatively low capacities restricted by the anode materials. Herein, blue‐gray Nb2O5 (B‐Nb2O5) nanotubes are prepared which are rich in oxygen vacancy by a facile chemical vapor deposition (CVD) method and a further hydrogen annealing reduction as the anode material for LIBs, presenting a high discharge capacity of 375 mA h g−1 at 100 mA g−1 and a good rate performance up to 5 A g−1 with 126 mA h g−1. The detailed ex situ X‐ray diffraction (XRD) and X‐ray photoelectron spectra (XPS) characterizations verified the high‐reversible process, which Li+ should insert into/extract from the (001) planes of Nb2O5 crystal. Combined with a reversible PF6‐ intercalation into/deintercalation from graphite cathode, a B‐Nb2O5/graphite dual‐ion cell can run about 50 cycles with the discharge capacity retention approaching 23 mA h g−1 at 100 mA g−1. The importance of the modulation of morphology and vacancy in improving overall electrochemical performance is highlighted.