Vijaya Dhanush was the divine weapon of great warrior "Karna". Lord Parshuram gave Vijaya Dhanush to his student Karna. Vijaya was mainly wielded by Lord Parshuram who then gave it to Karna. After the death of Karna in kurukshetra, vijaya is not mentioned in Mahabharata.
STORY OF CREATION
The bow Vijaya was specially made by Vishvakarma for Lord Shiva to destroy the city of Tripura built by sons of Tarakasura. Lord Shiva destroyed Tripura by firing Pashupatastra from Vijaya. Later, Lord Siva gave this bow for safekeeping to Lord Indra, who frequently wielded the bow in his fights with the Asuras. The Asuras feared the bow due to its destructive abilities.
HOW PARSHURAM GOT THE VIJAYA
Lord Shiva instructed Indra to give the bow to Parasurama for the task of combating the evil prevailing in the kshatriyas of the world. On 21 different occasions, when the ruling Kshatriyas (the martial caste) began oppressing their subjects and committing sin, Parasurama - armed with the Vijaya bow - hunted them to the brink of extinction, nearly ridding the world of the kshatriyas. Each time, Parasurama donated the territory won from the kshatriyas to Brahmins (the academic/teaching caste) for re-establishment of order.
HOW KARNA GOT THE VIJAYA
Parasurama takes Karna as his student, as told in the Mahabharatha. Since Karna was a diligent and worthy student, Parasurama blessed Karna with the Vijaya along with other celestial weapons. Vijaya bow is clearly mentioned only once in Mahabharata, during the Kurukshetra war, on the 17th day, when he fought against Arjuna (who was using the Gandiva). Vijaya bow is more associated with Parshuram who wielded it in all his major battles when he got rid of the Kshatriyas from earth 21 times.
EXTRAORDINARY FEATURES OF VIJAYA DHANUSH
The string of this bow cannot be broken by any kind of astra or any divine weapon. Vijaya Dhanush is described in certain puranas having a dark colour with bluish hue. When Lord Prashuram wielded Vijaya Dhanush, its twang is said to have produced reverberations akin to rumbling of charged clouds. Certain stories mention that the state of Kerala was produced from Sea when Lord Parshuram shoot a divine arrow from his divine Vijaya bow.
Karna used the bow only once in his life during the Kurukshetra war. Krishna warned Arjuna on the 16th day of the war, not to underestimate Karna.
Using this bow, Karna overpowered Arjuna on the 16th day of the war. Realising that Karna with the Vijaya bow is invincible, on the 17th day, Krishna advised Arjuna to kill Karna, who had relinquished his bow and was busy trying to lift his sunken chariot wheel.