The album reflects the Brazilian political climate at the time of its recording, including the economic crisis suffered during President Fernando Collor de Mello's government, and Renato Russo's rampant drug dependence. In 1991, Russo discovered he was HIV+.

V's songs are characterized by a dark, medieval influence: the first track, "Love Song", is an adaptation of a love poem written in Galician-Portuguese by Nuno Fernandes Torneol in the 13th century. "Metal Contra as Nuvens", the longest song ever recorded by the band, continues the motif along with "A Ordem dos Templários", a serene instrumental featuring samples from Guillaume de Machaut's "Douce Dame Jolie".

"A Montanha Mágica" is lyrically about drug dependence. "O Teatro dos Vampiros" references the economic crisis then experienced by Brazil; its intro was adapted from Pachelbel's Canon.

However, the second half of the album is slightly more upbeat in theme and music, featuring "Sereníssima", "L'Âge d'Or", "O Mundo Anda Tão Complicado" and "Vento no Litoral", later covered by Cássia Eller. The last track of the album, "Come Share My Life", is an instrumental cover of an American folk song.

V was certified as having sold 700,000 copies. The tour launched to promote the album was the shortest the band ever performed, lasting only from July to September 1992, and allegedly stopped midway through due to Russo's alcoholism.

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