High spin states in the odd-odd N=Z nucleus 46V have been identified. At low spin, the T=1 isobaric analogue states of 46Ti are established up to I = 6+. Other high spin states, including the band terminating state, are tentatively assigned to the same T=1 band. The T=0 band built on the low-lying 3+ isomer is observed up to the 1f7/2-shell termination at I=15. Both signatures of a negative parity T=0 band are observed up to the terminating states at I = 16- and I = 17-, respectively. The structure of this band is interpreted as a particle-hole excitation from the 1d3/2 shell. Spherical shell model calculations are found to be in excellent agreement with the experimental results.