With the growth of high-quality data and advancement in visual pre-training paradigms, Video Foundation Models (VFMs) have made significant progress recently, demonstrating their remarkable performance on traditional video understanding benchmarks. However, the existing benchmarks (e.g. Kinetics) and their evaluation protocols are often limited by relatively poor diversity, high evaluation costs, and saturated performance metrics. In this paper, we build a comprehensive benchmark suite to address these issues, namely VideoEval. Specifically, we establish the Video Task Adaption Benchmark (VidTAB) and the Video Embedding Benchmark (VidEB) from two perspectives: evaluating the task adaptability of VFMs under few-shot conditions and assessing their representation power by directly applying to downstream tasks. With VideoEval, we conduct a large-scale study on 20 popular open-source vision foundation models. Our study reveals some insightful findings on VFMs: 1) overall, current VFMs exhibit weak generalization across diverse tasks, 2) increasing video data, whether labeled or weakly-labeled video-text pairs, does not necessarily improve task performance, 3) the effectiveness of some pre-training paradigms may not be fully validated in previous benchmarks, and 4) combining different pre-training paradigms can help improve the generalization capabilities. We believe this study serves as an important complement to the current evaluation for VFMs and offers valuable insights for the future research.