Ivan Barkov was born into a priest's family in Saint Petersburg or its surroundings. His patronymic is not precisely known: in lifetime documents and early biographies, he is simply referred to as "Ivan Barkov" (sometimes "Borkov"). Since the 1820s, he began to be called "Ivan Semyonovich," although other variants such as "Ivan Ivanovich" and "Ivan Stepanovich" also appear.

From 1748, Barkov studied at the university of the Petersburg Academy of Sciences, and then worked there as a copyist. His studies were difficult for him, and he was repeatedly punished for drunkenness and hooliganism. Once, he was even shackled for rudeness and false denunciation against the university rector S. P. Krasheninnikov. In 1751, Barkov was expelled from the university for "misdeeds and audacity." However, he was well-versed in Latin, which impressed M. V. Lomonosov, who took him on as a secretary in 1754. Barkov transcribed many of Lomonosov's works, including "Russian Grammar" and historical writings. Their communication continued until Lomonosov's death, and it is believed they were close friends. Under Lomonosov's influence, Barkov also engaged in history and prepared the publication of several chronicles.

From 1756, Barkov worked with President K. G. Razumovsky, and from 1762 became an academic translator. He was repeatedly dismissed from the academy for inappropriate behavior, and after Lomonosov's death in 1766, he was permanently dismissed. There is an opinion that he had a close relationship with Countess Menshikova.

There are several versions of his early death: according to one, he committed suicide by hanging himself in a fireplace; according to another, he drowned in a latrine while drunk; according to a third, he died in a state of intoxication in the arms of a woman (E. S. Kulyabko). He is attributed with an autoepitaph: "Lived sinfully and died amusingly." The real circumstances of his death and burial place are unknown.

Barkov's literary legacy is divided into printed and unprinted works. The printed ones include "The Life of Prince A. D. Kantemir," the ode "On the Most Joyful Birthday" of Peter III, "A Summary of Holberg's Universal History," and translations from Italian and Latin. Barkov gained nationwide fame for his unprinted erotic works, in which he used obscene language and burlesque. His creativity was influenced by Western European frivolous poetry and Russian erotic folklore.

N. I. Novikov wrote about Barkov that he created satirical compositions and poems in honor of Bacchus and Aphrodite. These works were not published but were known to many. Barkov's "Shameful Odes" and those of his contemporaries were an important part of the literary life of the late 18th and early 19th centuries. Karamzin, Pushkin, and others spoke of Barkov with respect. Echoes of Barkov can be found in the works of Maikov, Derzhavin, Batyushkov, and Pushkin.

There is also pseudobarkoviana, works that cannot belong to Barkov but are attributed to him in the manuscript tradition. Among them is the famous poem "Luka Mudishchev," created, presumably, in the 1830s-1860s. Abroad, under Barkov's name, poems "The Empress's Pleasures" and "Prokofiy Fomich" were published, likely relating to the 20th century.