This planet is rarely talked about in the Dragon Ball series. What we do know is that it was destroyed by Frieza. Fans of the series also know that it has nine times more gravity than that of earth. This is partly why Saiyans are so strong naturally. This huge resistance of gravity allows their muscles to become stronger, and amplifies their agility also. From the images we see in the show we can tell the Planet Vageta is a harsh world with lots of desert. It resembles Mars of our solar system.
The planet Vegeta was once known as the planet Plant, the home world of a humanoid race of people known as the Tuffles. The Tuffles were a very technologically advanced society that welcomed the Saiyans to their planet when they crash landed there. After some time during a full moon the Saiyans took their Oozaro form and decimated the Tuffle race. This in part caught the attention of other races who then hired the Saiyan race to find and conquer other planets, and to then sell them to the highest bidder. The destruction of the Tuffle race in turn brought the wrath of a surviving Tuffle named DR. Riachi (Hard to find film PLAN TO DESTROY THE SAIYANS), and later in DBGT, the villian who possessed Vegeta, Baby.
This is the most information we currently know about the planet. It shares the same name with the king of the Saiyans. Saiyans took over the planet and called it home.