Vasily Timme was born in 1820 in the estate of Sorgenfrei, which is now located in Riga, in the family of burgomaster Friedrich Wilhelm Timme. He received his first painting lessons in his hometown. In 1835, Timme moved to St. Petersburg and enrolled as a free listener at the Imperial Academy of Arts, where he studied battle painting under A. I. Sauerweid. In 1839, he graduated from the Academy with the title of artist of the XIV class. In 1837, for the painting "Group of Uhlans," Timme was awarded a small silver medal, and in 1839, for his achievements in battle painting, he received a large silver medal and the title of class artist.

Timme gained early fame through illustrations for the satirical poem by I. P. Myatlev "Sensations and Remarks of Mrs. Kurdyukova Abroad" (1840-44). He also created drawings for the publications "Our, Drawn from Nature by Russians" and "Pictures of Russian Manners." In 1843, Timme caught the attention of O. Vernet and, at his invitation, went to Paris, where he lived and worked as Vernet's pupil in 1844 and 1846. In 1844, he participated in the exhibition of the Paris Salon.

In 1848, due to the revolution, Timme returned to Russia. In 1849 and 1850, he was with the active army in the Caucasus. The material he gathered inspired him to create the "Russian Art Leaflet," which began publishing three times a month in 1851 and brought Timme popularity. The publication included lithographed pictures on current topics: reports, portraits, landscapes, and reproductions.

In 1855, Timme participated in military actions in Crimea and was awarded the medal "For the Defense of Sevastopol." That same year, he received the title of academician of battle painting for a series of drawings and watercolors dedicated to the defense of Sevastopol. Since 1861, Timme owned his own lithographic workshop. In the 1870s, he took up painted majolica and received an offer to become the director of the Berlin Royal Porcelain Manufactory, but he declined. He taught at the Prussian Academy of Arts as a professor and left a significant epistolary legacy. He is buried in Riga.

Timme's works are held in many museums, including the State Tretyakov Gallery, the State Russian Museum, the Pushkin State Museum of Fine Arts, and others. The most significant collection of his works is located in the Latvian National Museum of Art in Riga.