The vanadium redox flow battery (VRFB) has been regarded as one of the best potential stationary electrochemical storage systems for its design flexibility, long cycle life, high efficiency, and high safety; it is usually utilized to resolve the fluctuations and intermittent nature of renewable energy sources. As one of the critical components of VRFBs to provide the reaction sites for redox couples, an ideal electrode should possess excellent chemical and electrochemical stability, conductivity, and a low price, as well as good reaction kinetics, hydrophilicity, and electrochemical activity, in order to satisfy the requirements for high-performance VRFBs. However, the most commonly used electrode material, a carbonous felt electrode, such as graphite felt (GF) or carbon felt (CF), suffers from relatively inferior kinetic reversibility and poor catalytic activity toward the V2+/V3+and VO2+/VO2+redox couples, limiting the operation of VRFBs at low current density. Therefore, modified carbon substrates have been extensively investigated to improve vanadium redox reactions. Here, we give a brief review of recent progress in the modification methods of carbonous felt electrodes, such as surface treatment, the deposition of low-cost metal oxides, the doping of nonmetal elements, and complexation with nanostructured carbon materials. Thus, we give new insights into the relationships between the structure and the electrochemical performance, and provide some perspectives for the future development of VRFBs. Through a comprehensive analysis, it is found that the increase in the surface area and active sites are two decisive factors that enhance the performance of carbonous felt electrodes. Based on the varied structural and electrochemical characterizations, the relationship between the surface nature and electrochemical activity, as well as the mechanism of the modified carbon felt electrodes, is also discussed.