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Color – Base texture blended with the color from the diffuse ramp. See the Diffuse Color with Diffuses Ramp example below.

Roughness – Used to simulate rough surfaces or surfaces covered with dust (for example, skin, or the surface of the Moon).

Roughness Model – Specifies the Roughness model.

Oren-Nayar – A reflectivity model for diffuse reflection from rough surfaces that has been shown to accurately predict the appearance of a wide range of natural surfaces. We recommend using this roughness model.
Gamma Based – The roughness model used in previous versions of V-Ray. This is not the recommended option.

Opacity – Assigns opacity to the material where 1.0 is completely opaque and 0.0 is completely transparent.

Opacity Mode – Controls how the opacity map works.

Normal – The opacity map is evaluated as normal: the surface lighting is computed and the ray is continued for the transparent effect. The opacity texture is filtered as normal.
Clip – The surface is shaded as either fully opaque or fully transparent depending on the value of the opacity map (i.e. without any randomness). This mode also disables the filtering of the opacity texture. This is the fastest mode, but it might increase flickering when rendering animations. 
Stochastic – The surface is randomly shaded as either fully opaque or fully transparent so that on average it appears to be with the correct transparency. This mode reduces lighting calculations but might introduce some noise in areas where the opacity map has gray-scale values. The opacity texture is still filtered as normal.

Self-illumination – The self-illumination color of the material.

Self-illumination Mult. – A multiplier for the self-illumination of the material.

Self-illumination Affects GI – When enabled, the self-illumination color affects GI computations.

Amount – A multiplier for the bump map effect.

Bump Type – Determines how the Bump Map parameter is interpreted.

Bump Map – Allows you to select Selects a texture for the bump or normal map. Leaving this unconnected turns off bump/normal mapping.

BRDF– Determines the type of BRDF (the shape of the highlight and glossy reflections). This parameter has an effect only if the Reflection Color is different from black and Reflection Glossiness is different from 1.0.

Phong – Phong highlight/reflections
Blinn – Blinn highlight/reflections
Ward – Ward highlight/reflections
GGX – GGX Microfacet highlight/reflections

GGX Tail Falloff – Controls the transition from highlighted areas to non-highlighted areas when the BRDF Type is set to GGX.

Color – The reflection color dims the diffuse surface color.

Glossiness – Controls the sharpness of reflections. A value of 1.0 means perfect mirror-like reflection; lower values produce blurry or glossy reflections. Use the Subdivs parameter below to control the quality of glossy reflections

Lock Highlight Glossiness to Reflection Glossiness – When disabled, you can enter different values for the Hilight Glossiness and Reflection Glossiness. However this does not produce physically correct results.

Highlight Glossiness – Determines the shape of the highlight on the material. Normally this parameter is locked to the Reflection Glossiness value in order to produce physically accurate results.

Use Fresnel – When enabled, makes the reflection strength dependent on the viewing angle of the surface. Some materials in nature (glass, etc.) reflect light in this manner. Note that the Fresnel effect depends on the index of refraction (IOR) as well.

Glossy Fresnel – When enabled, uses glossy fresnel to interpolate glossy reflections and refractions. It takes the Fresnel equation into account for each "microfacet" of the glossy reflections, rather than just the angle between the viewing ray and the surface normal. The most apparent effect is less brightening of the grazing edges as the glossiness is decreased. With the regular Fresnel, objects with low glossiness may appear to be unnaturally bright and "glowing" at the edges. The Glossy Fresnel calculations make this effect more natural.

Lock Fresnel IOR to Refraction IOR – Allows you to unlock the Unlocks the Fresnel IOR parameter for finer control over the reflections. When this is enabled, the Fresnel IOR is locked to the Refraction IOR.

Fresnel IOR – The IOR to use when calculating Fresnel reflections. Normally this is locked to the Refraction IOR parameter, but you can unlock it for finer control. .

Subdivs – Controls the quality of glossy reflections. Lower values render faster, but the result is more noisy. Higher values take longer, but produce smoother results.

Anisotropy – Determines the shape of the highlight. A value of 0.0 means isotropic highlights. Negative and positive values simulate "brushed" surfaces.

Rotation – Determines the orientation of the anisotropic effect in a float value between 0 and 1 (where 0 is 0 degrees and 1 is 360 degrees).

UV Vectors Derivation – Specifies the method for deriving anisotropy axes:

Local Axis – Uses a local axis for the anisotropy effect.
UVW Generator – Allows you to assign Assigns a UVW Generator for the anisotropy effect.

Axis – Specifies a local object axis for the anisotropy effect when UV Vectors Derivation is set to Local Axis.

Trace Reflections – Enables reflections for the material.

Exit Color – If a ray has reached its maximum reflection depth, this color is returned without tracing the ray further.

Max Depth – The number of times a ray can be reflected. Scenes with lots of reflective and refractive surfaces may require higher values to look correct.

Enable Dim Distance – Enables the Dim Distance parameter which allows you to stop tracing reflection rays after a certain distance.

Dim Distance – Specifies a distance after which the reflection rays are not traced.

Dim Fall-off – A fall off radius for the dim distance.

Soften – Softens the edge of the BRDF at light/shadow transitions

Affect Channels – Allows you to specify Specifies which channels are going to be affected by the reflectivity of the material.

Color Only – The reflectivity affects only the RGB channel of the final render.
Color+alpha – Causes the material to transmit the alpha of the reflected objects, instead of displaying an opaque alpha.
All channels – All channels and render elements are affected by the reflectivity of the material.

Color – Refraction color. Note that the actual refraction color depends on the Reflection Color as well.

Glossiness – Controls the sharpness of refractions. A value of 1.0 means perfect glass-like refraction; lower values produce blurry or glossy refractions. Use the Refraction Subdivs parameter below to control the quality of glossy refractions.

Index of Refraction – Index of refraction for the material, which describes the way light bends when crossing the material surface. A value of 1.0 means the light does not change direction.

Subdivs – Controls the quality of glossy refractions. Lower values render faster, but the result is more noisy. Higher values take longer, but produce smoother results.

Fog Color – The attenuation of light as it passes through the material. This option helps simulate the fact that thick objects look less transparent than thin objects. Note that the effect of the fog color depends on the absolute size of the objects and is therefore scene-dependent. 

Fog Multiplier – The strength of the fog effect. Smaller values reduce the effect of the fog, making the material more transparent. Larger values increase the fog effect, making the material more opaque.

Fog Bias – Changes the way the fog color is applied. Negative values make the thin parts of the objects more transparent and the thicker parts more opaque and vice-versa (positive numbers make thinner parts more opaque and thicker parts more transparent).

Fog Units Scaling – Enables unit scale multiplication when calculating absorption.

Dispersion – Enables the calculation of true light wavelength dispersion.

Abberation – Allows you to increase or decrease Increases or decreases the dispersion effect. Lowering it widens the dispersion and vice versa.

Affect Shadows – Causes the material to cast transparent shadows to create a simple caustic effect dependent on the Refraction Color and the Fog Color. For accurate caustic calculations, disable this parameter and instead enable Caustics in the V-Ray Renderer. Simultaneous usage of both Caustics and Affects Shadows can be used for artistic purposes but does not produce a physically correct result.

Trace Refractions – Enables refractions for the current material.

Use Exit Color – Enables the use of Exit Color.

Exit Color – If a ray has reached it's maximum depth this color is returned instead of tracing the ray further

Max Depth – The number of times a ray can be refracted. Scenes with lots of refractive and reflective surfaces may require higher values to look correct.

Affect Channels – Allows you to specify Specifies which channels are going to be affected by the transparency of the material

Color Only – The transparency affects only the RGB channel of the final render.
Color+alpha – This causes the material to transmit the alpha of the refracted objects, instead of displaying an opaque alpha. 
All channels – All channels and render elements are affected by the transparency of the material.