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Recent advances in vision-language pre-training (VLP) have demonstrated impressive performance in a range of vision-language (VL) tasks. However, there exist several challenges for measuring the community's progress in building general multi-modal intelligence. First, most of the downstream VL datasets are annotated using raw images that are already seen during pre-training, which may result in an overestimation of current VLP models' generalization ability. Second, recent VLP work mainly focuses on absolute performance but overlooks the efficiency-performance trade-off, which is also an important indicator for measuring progress. To this end, we introduce the Vision-Language Understanding Evaluation (VLUE) benchmark, a multi-task multi-dimension benchmark for evaluating the generalization capabilities and the efficiency-performance trade-off (``Pareto SOTA'') of VLP models. We demonstrate that there is a sizable generalization gap for all VLP models when testing on out-of-distribution test sets annotated on images from a more diverse distribution that spreads across cultures. Moreover, we find that measuring the efficiency-performance trade-off of VLP models leads to complementary insights for several design choices of VLP. We release the VLUE benchmark to promote research on building vision-language models that generalize well to more diverse images and concepts unseen during pre-training, and are practical in terms of efficiency-performance trade-off.