V Sge is a unique eclipsing cataclysmic binary and a recognized supersoft X-ray source (SSS). By collecting available data on eclipse timings of V Sge, including our observations, we compiled and obtained an O - C diagram to analyse the orbital period variations of V Sge. The O - C curve displays a downward parabolic course, which implies that the orbital period is decreasing continuously at a rate of dP/dt = -1.92(2) x 10(-7) d yr(-1) = -0.0166(2)s yr(-1). The continuously decreasing orbital period may be mainly caused by mass transfer from the more massive secondary component during its evolution on the Kelvin-Helmholtz time-scale, as well as mass loss from the accretion disc surrounding the white dwarf. Therefore, we estimate that the mass-accretion rate is less than 2.667 x 10(-7) M-circle dot yr(-1). It can be roughly estimated that V Sge might reach the Chandrasekhar limit in at least 1 Myr, then might explode as a type Ia supernova. In addition, the more continuous TESS light curves show peculiar variations, that is, there is a great difference in brightness between two adjacent orbital periods. We speculate that this may be mainly caused by the extinction effect of the uneven circumstellar matter.