Ultimately, it is revealed in Stranger Things season 4's finale that the reason why Vecna was killing Hawkins teenagers was to create a massive gate that merges the Right Side Up with the Upside Down - and he specifically needed four bodies to do so.
While intending to get his revenge on Eleven and Brenner, Vecna also goes after victims who have dealt with traumatizing experiences in the past (reminiscent of his childhood and his time at the Hawkins lab).
Patrick was targeted due to his father's abuse of him. Finally, Vecna targets Max for her trauma from witnessing Billy's death and uses Barb's (Shannon Purser) death as a way to use Nancy.
Vecna could have killed Eleven in Stranger Things season 4 volume 2 but instead made her watch him as he slowly killed Max. Here's why. Instead of simply killing Eleven and being rid of her for good, Vecna wanted her to watch him kill Max and destroy Hawkins in the Stranger Things season 4 finale.
"Vecna seems to be actually intrigued by Nancy being able to figure him out, to be able to get this close to the truth... I think this is more Vecna's narcissistic traits that pull him to Nancy, why he wants to give her this information."
Realizing he had tremendous psychic power, he haunted his family with visions before ultimately killing most of them. His father was framed for the murders and locked away in a mental hospital as a disturbed serial killer. Henry then found himself in the care of Brenner, who decided he wanted more kids like the boy.
We know Eleven was born in 1971, which means her mom got pregnant with her during the tests, sometime in 1970. A 1959 flashback in the mid-season 4 finale reveals a 12-year-old One (Jamie Campbell Bower). That puts One, a.k.a. Vecna, as 24 when Eleven was born.
At his empire's height, Vecna was betrayed and destroyed by his most trusted lieutenant, a vampire called Kas the Bloody-Handed, using a magical sword that Vecna himself had crafted for him, now known as the Sword of Kas.
"I walked up to her [as Vecna] and she burst into tears. She wouldn't look at me and she was visibly just disgusted by the whole thing... After she cried and I made it obvious that she knew it was me, one of the things she said was that, 'I knew it was you when I could smell cigarettes,' because I'm a smoker."
She opened a portal to the Upside Down, which sucked Henry Creel in. There the dark mirror world ripped apart his skin as it began to remake him into something sinister and twisted. But it was a transformation Henry Creel welcomed.
Turns out, he needs exactly four dead kids, like the four chimes of his signature clock, as they are his necessary sacrifices in order to open enough small gates in Hawkins, so that he can create that earth-shattering gate in the final episode.
Through the window, Max saw her real body levitating above the cemetery, her friends panicking on the ground below. Bracing herself, Max pulled at a vine in Vecna's neck, causing him to writhe in pain and accidentally release her from the vines' grasp.
Ultimately, it is revealed in Stranger Things season 4's finale that the reason why Vecna was killing Hawkins teenagers was to create a massive gate that merges the Right Side Up with the Upside Down - and he specifically needed four bodies to do so.
Vecna draws power from sad and angry memories and that is the main reason he targets traumatized teens. Those teens are a well of power just there to be absorbed. This is not just a theory, Vecna himself told Eleven about the power that angry and sad memories hold.
Vecna's obsession with time appears to be linked to his hatred of humanity. He views time as a human imposition on the natural world; an attempt to impose order on nature.
As Vecna, he uses these mental abilities as a way to psychologically weaken and lure in his victims – much in a way that Pennywise, Freddie Kruger, and Pinhead do. (All of which have been cited by show creators the Duffer brothers as inspirations for the villain.) But he does have a surprising weakness: music.
Eleven has a memory during this episode and realizes that 001/Henry Creel (Jamie Campbell Bower) wants her to join him on his evil journey, and she banished him to the Upside Down. 001 then transformed into Vecna, the horrifying Stranger Things villain.
However, Bower found Brown's fear of Vecna somewhat amusing and mentioned that he was talking to her inside his mind saying, “No, Jamie's dead. It's just Vecna.” Brown ends it by saying the fear was genuine and that she didn't have to act because she was actually terrified.
When One massacres the rest of the children in Hawkins Lab, Eleven banishes him to the Upside Down in the same way she banishes the Demogorgon from season one. One is sent hurtling through the Mind Flayer's lightning and is horribly disfigured, transforming into Vecna.
His main weakness is not any particular set of traits, but a constraint imposed by his location: the Chaotic Quest entrance is a portal rather than a staircase, and Vecna is covetous. Vecna will therefore readily warp to you, but will not teleport away to heal.
After a certain period of time, Vecna will finally kill the victim by placing them into a comatose-like state, in which they will be unable to respond to outside stimuli.
These visions build over time, and within a space of 24 hours Vecna's victims enter one final trance. There, Vecna taunts them, rejoicing in their heartache and sorrow, before killing them. Vecna's victims die in an agonizing way, lifted high into the air.
He's the infamous Number One, but had his powers blocked and worked as an aide in the Hawkins National Lab. He befriended Eleven at the lab and not knowing Vecna was evil, Eleven restored his powers resulting in the massacre and his expulsion to the Upside Down.
In the series, Eleven is shown moments from her past at Hawkins Laboratory, right up until she manages to banish Vecna into the Upside Down.
The first known human contact with the Upside Down was in 1979 during Eleven's fight with Vecna. During the match, Eleven was able to overpower Vecna, using her psychic abilities to keep him pinned to the Rainbow Room wall as his body disintegrated.