An expensive, but luxurious, fabric which is now available in many fibers, some of which are easy to care for. Cotton velvet and silk velvet should be dry-cleaned, especially if you are unsure of its fiber content. If the care label indicates that it is washable, follow the instructions and drip-dry. If it is necessary to iron velvet, then do so over a number of thick towels to avoid crushing the pile; or even better, hang the garment in the bathroom while someone is running a bath. This should straighten out any creases.
If the pile becomes crushed, then hold the fabric over a steaming saucepan or kettle for a few minutes. This should perk it up again.