In Robotech, the VF-1 is most commonly referred to as the "Veritech Fighter", which is short for Variable Engineering and Robotic Integration TECHnology, but its official popular name "Valkyrie" is used in a few infrequent references.

The VF-1 is different from modern fighter aircraft in that it can transform into three different configurations or modes for different combat environments, and can perform the task of more than one fighting vehicle: In Fighter mode it acts as a jet fighter; in GERWALK (or Guardian in Robotech) mode it acts as a VTOL unit; in Battroid mode (or Battloid in Robotech) it acts as an infantry fighting vehicle.

Fighter mode

The VF-1's Fighter mode is its basic mode and is the typical mode employed when the craft is parked at a military base and is the primary mode used in high altitude aerial combat planetside.

In this mode, it features a basic fuselage similar to the real-world F-14 Tomcat jet fighter, including underslung intakes and variable geometry wing, but with outward-canted vertical stabilizers similar to the F/A-18 Hornet's, swivelling under-wing hardpoints (last seen on the F-111 Aardvark, Su-24 Fencer, and Panavia Tornado), and a total lack of tailplanes. It is armed with 1, 2, or 4 (depending on model) Mauler RÖV-20 laser cannons mounted on a ventral turret, a GU-11 55 mm three-barreled gun pod holding 200 rounds, four underwing hardpoints holding up to twelve medium-range AMM-1 missiles, twelve MK-82 LDGB bombs, six RMS-1 large anti-ship reaction missiles or four UUM-7 micro-missile pods containing up to 15 Bifors HMM-01 "micro-missiles". Like most of the VF-1's nomenclature, the "GU" and "AMM" designations of its weapons are referential to current US military designations (GPU for Gun Pod Unit and AIM for Air Intercept Missile).

The missiles were carried on multiple-ejector racks on the four wing hardpoints. Long-range anti-mecha missiles could be emplaced for fleet-defense roles, but in the target-rich environments the Valkyries faced, this was not typically done. In fact, based on enemy weapons loadouts the optimal solution appeared to be to emplace as many "micro-missiles" (small and short-ranged missiles designed to overwhelm enemy anti-missile systems with sheer numbers) as possible. They could also carry large anti-ship missiles for destroying enemy capital ships.

In fighter mode, the VF-1 can reach a maximum speed of Mach 3.87 at high altitude (above 30,000 metres), and Mach 2.71 at medium altitude (10,000 metres). Its wings, similar to those of the F-14 Tomcat, sweep between 20 degrees back and 72 degrees back. Unlike the F-14, the wings can sweep 90 degrees back for storage, with the tail module folding up over the fighter's back. Although technically the VF-1 has an unlimited service ceiling and atmospheric range (since it can operate in space), the VF-1's internal tanks cannot carry enough propellant to achieve a stable orbit and needs the help of a booster pack to reach Low Earth Orbit.

GERWALK mode

In GERWALK (Ground Effective Reinforcement of Winged Armament with Locomotive Knee-joint) mode (called "Guardian Mode" in Robotech), the VF-1 looks like the nose and wings of a fighter plane stuck on "chicken walker" legs with two arms. The legs are formed by the aircraft's engines and intakes, bent down and forward. The arms are stored between the engines in fighter mode and fold out to the sides, reaching around from behind the legs. In GERWALK mode, the gun pod is held by the fighter's manipulator "hands" and acts in all respects as a very large automatic rifle. This mode is the intermediate one which was originally intended to simply allow the craft to land in a combat zone with a maximum of defensive ability. However, pilots soon realized that the mode's considerable maneuverability combined with its speed made it formidable in low level aerial combat as well as flanking maneuvers on the ground and took advantage of these characteristics for such situations. Pilots have the option to deploy the legs alone, leaving the arms in storage.

According to an article in Animerica magazine, the form came about partially by accident. Early in the development cycle for Macross, the creators planned a main mecha called "GA-WALK", with an ostrich-like leg configuration (similar to the enemy battle pods from the finished series). However, the idea met with resistance from the initial sponsor, which wanted a more conventional, Gundam-style robot for the hero to pilot. When creator Shoji Kawamori designed the transforming "Breast Fighters" (later redesigned and renamed the "VF-1 Valkyrie" fighters) instead, he had no real thoughts of a third mode. But when the manufacturer Takatoku Toys sent along the prototype of a Valkyrie toy for his input, the prototype's legs were not yet locked into place in Fighter mode, causing the legs to swing down. This was reminiscent to him of the discarded "GA-WALK" mecha idea that had been shot down early in pre-production. He liked the idea, and worked to incorporate the third mode, now renamed "GERWALK," into Macross.

In GERWALK mode, the VF-1 has a maximum speed of 500km/h flying, 100km/h walking.

Battroid mode

In Battroid mode (called "Battloid Mode" in Robotech), the VF-1 looks like a fighter airplane folded up to resemble a 12.7-meter-tall (42-foot-tall) human. The legs are now straight and bend in the normal direction; the sides of the nose now resemble a human chest and shoulders (where the arms attach), and the laser turret is now a head. While the mode has some limited altitude control, its primary purpose is for ground fighting which enabled Earth forces to fight the giant alien invaders on their own scale the military anticipated they would meet.

In Battroid mode, the VF-1 has a maximum airspeed of 220 km/h. Its maximum running speed is 160 km/h.