The name was unveiled at a glitzy launch event in London's Leicester Square.
V, established with the aim of creating one million volunteers aged between 16 and 24 by 2010, will have 20 youth ambassadors, known as v20, who will act as advisers.
Four of its 12 trustees will come from the target age group.
A youth volunteering charity was the main recommendation of the Russell Commission, set up in May 2004 by Chancellor Gordon Brown and the then Home Secretary David Blunkett.
The launch of the new charity marked its transition from a government project aimed at increasing youth volunteering to an independent charity.
It will dispense up to £7.7m in funding.
The charity already has the financial backing of six corporate partners, including Tesco and the television channels ITV and MTV.
The Government has made £50m available to match private-sector funding.