Vanadyl phthalocyanine is widely used in organic electronics due to its excellent semiconducting properties. It is a key component in the fabrication of organic field-effect transistors (OFETs), organic photovoltaic (OPV) devices, and potentially in organic light-emitting diodes (OLEDs), where it enhances charge carrier mobility, energy conversion efficiency, and display performance. Its strong absorption in the near-infrared region makes it suitable for use in photodetectors and solar cells. Additionally, it is employed in gas sensors, leveraging its ability to interact with various gases, leading to changes in electrical conductivity. The compound is also explored in catalysis, particularly in oxidation reactions, due to its stable and active vanadium center. Its optical properties further enable applications in nonlinear optics and as a dye in advanced imaging technologies.

In the medical field, vanadyl phthalocyanine is studied for medical imaging techniques and photodynamic therapy (PDT) for cancer treatment, where light activates the compound to destroy cancer cells.

Furthermore, research is ongoing for its use in energy storage systems, such as batteries and supercapacitors, to improve efficiency and capacity.