The velocity synthetic aperture radar (VSAR) is a conceptual synthetic aperture radar (SAR)-based sensor system for high resolution ocean imaging. The VSAR utilizes data collected by a multielement SAR system, to extract information not only about the radar reflectivity of the observed area, but also about the radial velocity of the scatterers in each pixel. This is accomplished by making use of the phase information contained in multiple SAR images, and not just the magnitude information as in conventional SAR. Using this velocity information, the VSAR attempts to compensate for the velocity distortion inherent in conventional SAR and to reconstruct the ocean reflectivity. We present the basic theory of the VSAR system and its performance. We also provide an analysis of the VSAR imaging mechanism for a statistical model of the radar returns, designed to capture the effects of speckle and of resolution degradation due to the decorrelation of the radar returns.