An electrochemical reduction of VO²⁺ ions in a formic acid electrolyte was analyzed by cyclic voltammetry. A new four step reaction mechanism, EECE, was proposed to derive the mass transfer equation, and then it was solved by numerical method, which enabled us to obtain theoretical cyclic voltammograms. Kinetic parameters such as diffusion coefficients, rate constants and transfer coefficients, describing the VO²⁺ ion reduction system, were estimated by fitting the theoretical curve with the experimental data. The parameters obtained were then evaluated on their extended applicability in various concentrations and scan rates. It was shown that the theoretical voltammograms obtained using the above parameters fitted well with the experimental curves for the scan rate variation from 2 to 20 V/sec, while the deviation increased in proportion to the VO²⁺ ion concentration.