<p>Vanadium redox flow batteries (VRFBs) are promising for large-scale energy storage, yet their performance is significantly constrained by the limited electrocatalytic activity and poor wettability of graphite felt (GF) electrodes. Despite extensive efforts in electrode modification, a clear understanding of the structure–property–performance relationship remains lacking. This review provides a systematic overview of recent advances in GF electrode engineering, including surface engineering, heteroatom doping, catalytic decoration, and composite electrode construction. Emphasis is placed on elucidating the underlying mechanisms by which these strategies regulate surface chemistry, electronic structure, and pore architecture, thereby influencing charge transfer kinetics and mass transport behavior. Through critical comparison of different approaches, the advantages and limitations of each strategy are discussed, and key factors governing electrode performance are identified. Finally, future perspectives are proposed to guide the rational design of high-performance and cost-effective electrodes for next-generation VRFB systems.</p>