Metal-to-insulator transition (MIT) behaviors accompanied by a rapid reversible phase transition in vanadium dioxide (VO2) have gained substantial attention for investigations into various potential applications and obtaining good materials to study strongly correlated electronic behaviors in transition metal oxides (TMOs). Although its phase-transition mechanism is still controversial, during the past few decades, people have made great efforts in understanding the MIT mechanism, which could also benefit the investigation of MIT modulation. This review summarizes the recent progress in the phase-transition mechanism and modulation of VO2 materials. A representative understanding on the phase-transition mechanism, such as the lattice distortion and electron correlations, are discussed. Based on the research of the phase-transition mechanism, modulation methods, such as element doping, electric field (current and gating), and tensile/compression strain, as well as employing lasers, are summarized for comparison. Finally, discussions on future trends and perspectives are also provided. This review gives a comprehensive understanding of the mechanism of MIT behaviors and the phase-transition modulations.