Vanadium(V) contaminated soil is abundant in iron(Fe) oxides due to co-occurrence of V and Fe bearing minerals. However, biogeochemical transformation of redox-active V and Fe in soil, and the bacteria involved, has remained less investigated. This study explored the extent to which microbial mediated organic decomposition coupled to Fe(III) reduction contributed to V(V) release/reduction in V-contaminated paddy soil under different organic amendments. Soil flooding decreased toxic reducible V while increased less toxic oxidizable V. Glucose and straw promoted V(V) release with temporarily increasing V(V) concentration by 73.59–106.34 mg/kg compared to the control treatment and subsequently promoted V(V) reduction with decreasing V(V) to concentrations eventually similar to the control treatment. Biochar incorporation under glucose and straw amendments moderately alleviated V(V) release. The significantly positive correlation between Fe(II) and V(V) concentrations during the V solubilization process indicated a temporal coupling of Fe(III) reduction and V(V) release. Clostridium, and Massilia mediated Fe(III) reductive dissolution and V(V) release, while Anaeromyxobacter, Sphingomonas, Bryobacter, Acidobacteriaceae and Anaerolineaceae contributed to V(V) reduction. This study provides a deeper understanding of V biotransformation coupled to Fe and C cycling and suggests a remediation strategy for V-contaminated soils via regulating Fe(III) reduction to weaken V(V) release or to promote V(V) reduction.