Two new monobasic tridentate O⁀N⁀N donor ligands, HL₁ (I) and HL₂ (II) have been obtained in two steps by reacting phenylhydrazine and salicylaldehyde or 3,5-di-tert-butylsalicylaldehyde and then reacting the resulting compounds with 2-chloromethylbenzimidazole in the presence of triethylamine. The reaction of [V^IVO(acac)₂] with these ligands in a 1:1 molar ratio in dry methanol led to the formation of homogeneous oxidovanadium(IV) complexes [V^IVO(acac)L₁] (1) and [V^IVO(acac)L₂] (2). Immobilization of these complexes on chloromethylated polystyrene (PS-Cl) cross-linked with divinyl benzene resulted in corresponding polymer-supported heterogeneous complexes PS-[V^IVO(acac)L₁] (3) and PS-[V^IVO(acac)L₂] (4). Ligands (I and II), homogeneous complexes (1 and 2) and heterogeneous complexes (3 and 4) have been characterized using elemental analysis and various spectroscopic techniques. A single crystal X-ray diffraction study of I and 1 further confirms their structures. The oxidation state IV of vanadium in these complexes was assured by recording their EPR spectra while heterogeneous complexes were further characterized using field emission-scanning electron microscopy (FE-SEM) combined with energy dispersive X-ray analysis (EDS) and atomic force microscopy (AFM). All vanadium complexes have been explored for their catalytic potential to one-pot-three-component reactions (reagents: benzil, ammonium acetate and various aromatic aldehydes) for the efficient synthesis of 2,4,5-triphenyl-1H-imidazole derivatives (nine examples). Various reaction conditions have been optimized to obtain a maximum yield (up to 96%) of catalytic products. It has been found that heterogeneous complexes show excellent catalytic activity and are recyclable up to five catalytic cycles.