This paper proposes a composite metamaterial structure based on vanadium dioxide that can dynamically manipulate the phases of THz waves. The simulation results show that when vanadium dioxide is tuned from its insulating state to the metallic state, the structure can achieve a phase shift of more than 140° in the frequency range of 1.151.65 THz. By the use of the calculation of the multipole scattering power and the electric field and surface current distributions at the resonance frequencies, the physical mechanism of the phase shift is investigated. The proposed structure has potential applications in the fields of THz wireless communications, sensing, and security imaging.