The formation of a new ternary ion-associate complex of vanadium(V) with 2,3-dihydroxynaphthalene and iodonitrotetrazolium chloride with a composition ratio of 1:2:1 is reported. The complex is quantitatively extracted from water into chloroform. The molar absorptivity (ɛ) of the extract at λ
max=340 nm is 2.5 × 104 dm3/mol cm, and Beer’s law is obeyed for concentrations ranging from 0.1 to 0.9 µg/cm3 V(V). The following constants are determined: the extraction constant, the association constant, the distribution constant, and the recovery factor. The effects of foreign ions and reagents are studied. A selective and sensitive method is developed for determination of vanadium in steels.