Vega is the brightest star in the northern constellation of Lyra. It has the Bayer designation α Lyrae, which is Latinised to Alpha Lyrae and abbreviated Alpha Lyr or α Lyr. This star is relatively close at only 25 light-years (7.7 parsecs) from the Sun, and one of the most luminous stars in the Sun's neighborhood, being intrinsically brighter than any star nearer to the sun. It is the fifth-brightest star in the night sky, and the second-brightest star in the northern celestial hemisphere, after Arcturus.

Vega has been extensively studied by astronomers, leading it to be termed "arguably the next most important star in the sky after the Sun". Vega was the northern pole star around 12000 BCE and will be so again around the year 13724, when its declination will be +84° 14′, less than six degrees from the Pole. Vega was the first star other than the Sun to have its image and spectrum photographed. It was one of the first stars whose distance was estimated through parallax measurements. Vega has functioned as the baseline for calibrating the photometric brightness scale and was one of the stars used to define the zero point for the UBV photometric system.

Vega is only about a tenth of the age of the Sun, but since it is 2.1 times as massive, its expected lifetime is also one tenth of that of the Sun; both stars are at present approaching the midpoint of their main sequence lifetimes. Compared with the Sun, Vega has a lower abundance of elements heavier than helium. Vega is also a variable star—that is, a star whose brightness fluctuates. It is rotating rapidly with a speed of 236 km/s at the equator. This causes the equator to bulge outward due to centrifugal effects, and, as a result, there is a variation of temperature across the star's photosphere that reaches a maximum at the poles. From Earth, Vega is observed from the direction of one of these poles.

Based on observations of more infrared radiation than expected, Vega appears to have a circumstellar disk of dust. This dust is likely to be the result of collisions between objects in an orbiting debris disk, which is analogous to the Kuiper belt in the Solar System. Stars that display an infrared excess due to dust emission are termed Vega-like stars. Observations by the James Webb Space Telescope show that the disk is exceptionally smooth, with no evidence of shaping by massive planets, though there is some evidence that there may be one or more Neptune-mass planets closer to the star.

α Lyrae (Latinised to Alpha Lyrae) is the star's Bayer designation. The traditional name Vega (earlier Wega) comes from a loose transliteration of the Arabic word wāqi' (Arabic: واقع) meaning "falling" or "landing", via the phrase an-nasr al-wāqi' (Arabic: النّسر الْواقع), "the falling eagle". In 2016, the International Astronomical Union (IAU) organized a Working Group on Star Names (WGSN) to catalog and standardize proper names for stars. The WGSN's first bulletin of July 2016 included a table of the first two batches of names approved by the WGSN; which included Vega for this star. It is now so entered in the IAU Catalog of Star Names.

Vega can often be seen near the zenith in the mid-northern latitudes during the evening in the Northern Hemisphere summer. From mid-southern latitudes, it can be seen low above the northern horizon during the Southern Hemisphere winter. With a declination of +38.78°, Vega can only be viewed at latitudes north of 51° S. Therefore, it does not rise at all anywhere in Antarctica or in the southernmost part of South America, including Punta Arenas, Chile (53° S). At latitudes to the north of 51° N, Vega remains continuously above the horizon as a circumpolar star. Around July 1, Vega reaches midnight culmination when it crosses the meridian at that time. Complementarily, Vega swoops down and kisses the horizon at true North at midnight on Dec 31/Jan 1, as seen from 51° N.

Each night the positions of the stars appear to change as the Earth rotates. However, when a star is located along the Earth's axis of rotation, it will remain in the same position and thus is called a pole star. The direction of the Earth's axis of rotation gradually changes over time in a process known as the precession of the equinoxes. A complete precession cycle requires 25,770 years, during which time the pole of the Earth's rotation follows a circular path across the celestial sphere that passes near several prominent stars. At present the pole star is Polaris, but around 12,000 BCE the pole was pointed only five degrees away from Vega. Through precession, the pole will again pass near Vega around 14,000 CE. Vega is the brightest of the successive northern pole stars. In 210,000 years, Vega will become the brightest star in the night sky, and will peak in brightness in 290,000 years with an apparent magnitude of –0.81.

This star lies at a vertex of a widely spaced asterism called the Summer Triangle, which consists of Vega plus the two first-magnitude stars Altair, in Aquila, and Deneb in Cygnus. This formation is the approximate shape of a right triangle, with Vega located at its right angle. The Summer Triangle is recognizable in the northern skies for there are few other bright stars in its vicinity.