Because the mechanical performances of 5182 belts used for carbonated drinks cover decrease after baking, the effects of trace addition of V and depression amount in last step on microstructure and properties of 5182 belts were investigated. The microstructure, mechanical performances and recrystallization temperature of 5182 belts and 5182V belts in different steps were analyzed comparatively with metallographic microscope, micro-hardness tester, electron universal materials test machine and differential thermal analyzer. The results show that the mechanical performances of the belts are remarkably improved by the trace addition of V and the reduction of depression amount in last step. In addition, the recrystallization temperature of the belts is also increased but not obviously. As the precipitation of V is not full, there are not enough disseminatedly distributed particles, and the recrystallization temperature increases little. However the solution strengthening and the fine grain strengthening are enough to improve the mechanical performances to satisfy customer requirements. The effects of reduction of depression amount in last step on mechanical performance were explained in view of energy. Moreover, the strengthening mechanism of V-compound interlocking grain boundary was also discussed.