A metallurgical V-N microalloying and compound deoxidation cored wire contains a core wire and a cladding steel belt. The technical key point of the cored wire is as follows: the core wire of the cored wire consists of a vanadium-increasing agent, a nitrogen-increasing agent and a deoxidizing nitrogen-fixing agent of which particle sizes are less than 6mm, wherein the vanadium-increasing agent is ferrovanadium, nitrided ferrovanadium or vanadium pentoxide; the nitrogen-increasing agent is ferrosilicon nitride, silicomanganese nitride, ferromanganese nitride, ferrochromium nitride, silicon nitride, aluminum nitride or calcium cyanamide; and the deoxidizing nitrogen-fixing agent contains one or more of aluminum, calcium, magnesium and barium, and can also contain one or more of titanium, zirconium, niobium, manganese, chromium, silicon, carbon and iron. By adopting the cored wire, the V / N ratio of steel can get closer to the optimal proportion, the enhancing function of vanadium can be utilized furthest, vanadium resources can be saved, the recovery rate of nitrogen is high, the nitrogen content is stable, the compound deoxidation function can also be realized, the V-N microalloying cost can be reduced and the quality of steel can be increased.