This review examines some aspects in the development of heterogeneous catalysts for the oxyfunctionalization of light paraffins. Particular attention is devoted to the reaction of paraffin oxydehydrogenation to olefins and of n-butane oxidation to maleic anhydride. Most catalyst compositions are based on vanadium oxide as the main component, and the peculiar properties of this element with respect to the catalytic performance are discussed. These properties are also examined in light of the stability of the product of partial oxidation towards consecutive unselective oxidation reactions, and with respect to the mechanism of paraffin activation.