The Versatile Video Coding (VVC) standard, finalized in July 2020, is the latest international video coding standard developed by the Joint Video Experts Team (JVET) of the ITU-T Video Coding Experts Group (VCEG) and the ISO/IEC Moving Picture Experts Group (MPEG). It aims to provide significant bit rate reductions—up to 50% over HEVC and 75% over AVC—for equal video quality. VVC is designed to be versatile, supporting a wide range of applications including high-resolution video, high dynamic range (HDR), wide color gamut (WCG), adaptive streaming, computer-generated and screen-captured video, ultralow-delay streaming, 360° immersive video, and multilayer coding. It also includes new features such as virtual boundaries, parameter sets, and scalability support. VVC retains the block-based hybrid video coding scheme used in previous standards but improves it with new coding tools and functionalities. Key features include enhanced random access capabilities, reference picture resampling, and support for scalable video coding. VVC also introduces new NAL units for scalability, such as decoder capability information (DCI) and operating point information (OPI) NAL units. The standard supports various color formats, including 4:2:0, 4:4:4, and 4:2:2, and supports bit depths up to 10 bits. VVC is implemented with efficient encoding and decoding processes, enabling it to be used in a wide range of applications, including streaming, broadcast, and video conferencing. The paper provides an overview of the technical features and applications of VVC, highlighting its improvements over previous standards and its readiness for real-world deployment.The Versatile Video Coding (VVC) standard, finalized in July 2020, is the latest international video coding standard developed by the Joint Video Experts Team (JVET) of the ITU-T Video Coding Experts Group (VCEG) and the ISO/IEC Moving Picture Experts Group (MPEG). It aims to provide significant bit rate reductions—up to 50% over HEVC and 75% over AVC—for equal video quality. VVC is designed to be versatile, supporting a wide range of applications including high-resolution video, high dynamic range (HDR), wide color gamut (WCG), adaptive streaming, computer-generated and screen-captured video, ultralow-delay streaming, 360° immersive video, and multilayer coding. It also includes new features such as virtual boundaries, parameter sets, and scalability support. VVC retains the block-based hybrid video coding scheme used in previous standards but improves it with new coding tools and functionalities. Key features include enhanced random access capabilities, reference picture resampling, and support for scalable video coding. VVC also introduces new NAL units for scalability, such as decoder capability information (DCI) and operating point information (OPI) NAL units. The standard supports various color formats, including 4:2:0, 4:4:4, and 4:2:2, and supports bit depths up to 10 bits. VVC is implemented with efficient encoding and decoding processes, enabling it to be used in a wide range of applications, including streaming, broadcast, and video conferencing. The paper provides an overview of the technical features and applications of VVC, highlighting its improvements over previous standards and its readiness for real-world deployment.