Sergey Vasilyevich Sheremetev came from the Sheremetev family, which traces its origins to Vasily Petrovich, the brother of the field marshal. He was the eldest son of Major General Vasily Sergeevich and Tatyana Ivanovna Marchenko, as well as the brother of the Decembrist Nikolai Sheremetev.

He began his service on March 4, 1808, in the Lithuanian Uhlan Regiment with the rank of cornet. On May 1, 1809, he was transferred to the Life Grenadier Regiment as a ensign, and later that same year to the Cavalry Guard Regiment. He participated in the Patriotic War in the battles of Borodino, where he was wounded and awarded the Order of Saint Anna 3rd class. In 1813, at Kulm, he received the Order of Saint Vladimir 4th class, and in 1814, at Fershampenuaz, the Order of Saint Anna 2nd class. He advanced in rank, obtaining the titles of lieutenant, staff captain, and captain, and then became a squadron commander and colonel, receiving the Order of Saint Anna 2nd class with diamonds.

On December 15, 1825, while in the ranks of the Cavalry Guard Regiment, he was appointed aide-de-camp. In 1826, he received the Order of Saint Vladimir 3rd class, and in 1827, he became a major general. In 1828, he commanded the 2nd Brigade of the 4th Uhlan Division and participated in the Turkish campaign, where he distinguished himself during the siege of Varna and in battles with the Turks, for which he was awarded orders and a gold saber.

In 1831, he participated in the Polish War, where he defeated a detachment of General Kolysko and freed prisoners. For this, he received the Order of Saint Vladimir 2nd class. In 1835, he retired, and in 1837, he became the Nizhny Novgorod provincial leader of the nobility. He lived in Nizhny Novgorod province, where he owned extensive estates, including the village of Bogorodskoye, known for its improvements.

Sheremetev strictly managed the peasants, which caused discontent. He offered the peasants the opportunity to buy their freedom, but after their refusal, he intensified his strictness. In 1859, an inspection of his actions was conducted by order. As a result, Sheremetev softened the conditions for the peasants, but the conflict with the local authorities continued. Ultimately, he left Russia and settled in Geneva, where he died on January 6, 1866. He was buried in the Sergiev Monastery near St. Petersburg.