This investigation attempts to thoroughly explore the effect of microalloying element V on the microstructural characteristics and mechanical properties of 20Mn2SiCrS bainitic forging steel. The results show that the cooling rate range of bainitic transformation was broadened with a 0.13% V addition and mainly a granular bainite microstructure was obtained after post-forging continuous cooling. The addition of V could refine the martensite/austenite (M/A) constituent and inhibit the formation of pro-eutectoid ferrite. Physical-chemical phase analysis revealed that only ~8.5% of the added V was in the V(C,N) precipitate in the as-forged condition, which resulted in relatively small precipitation strengthening (~40 MPa) compared with that in ferritic-pearlitic medium carbon forging steel. The addition of V can enhance the overall mechanical properties of the steel and it is concluded that the primary role of V in the as-forged bainitic forging steel is mainly to promote the formation of bainite and to refine the microstructure especially the M/A constituents as well as to resist softening of the M/A during the post-forging continuous cooling or during subsequent tempering when tempering treatment is necessary.