Fedor Grigoryevich Volkov was born in Kostroma on February 9, 1729, into a merchant family. At the age of 12, he was sent to Moscow to study with German industrialists. In Moscow, he became fascinated with theater and participated in student performances at the Slavic-Latin Academy.

In 1746, Volkov, then a young merchant, arrived in St. Petersburg and, after visiting the court theater, experienced strong emotions. Over the next two years, he dedicated himself entirely to studying the art and theatrical craft. After his father's death, he took over the factories but transferred them to his brother to gain independence.

In Yaroslavl, Volkov gathered friends who were passionate about theater, and soon their troupe gave its first performance. The premiere took place on July 10, 1750, in an old barn that was used as a warehouse. Volkov staged the play "Esther" in his translation. The following year, a wooden theater was built on the banks of the Volga for Volkov's troupe. The birth of the new theater was marked by the staging of A.P. Sumarokov's play "Khorev." The theater featured the Volkov brothers, clerks Ivan Ikonnikov and Yakov Popov, churchman Ivan Dmitrevsky, actors Semyon Kuklin and Alexey Popov, barber Yakov Shumsky, and townspeople Semyon Skachkov and Demyan Galik. This was the first public theater in Russia.

Soon, Empress Elizabeth Petrovna learned about the theater and invited Volkov to St. Petersburg. The Yaroslavl troupe, led by Volkov, performed before the empress and the court. The young actors were sent to study at the Land Noble Corps, where they spent four years learning dance, sciences, languages, and declamation.

On August 30, 1756, the "Russian Theater for the Presentation of Comedies and Plays" was officially established, marking the beginning of the Imperial Theaters. Fedor Volkov became the "first Russian actor," and Alexander Sumarokov was appointed as the theater's director. In 1761, Volkov took over this position. For the sake of the theater, he resigned from his position in the personal office of the empress.

Fedor Volkov was not only an actor and translator but also the author of plays such as "The Judgment of Shemyakin," "Everyone Understands Yeryoma," "The Amusement of Moscow Residents about Maslenitsa," and others, which unfortunately have not survived. He also wrote odes dedicated to Peter the Great and songs. Volkov was involved in the design of his productions, both artistic and musical, and played various instruments himself.

Volkov also proved himself as a director, staging the masquerade "Triumphant Minerva" in 1763 in Moscow in honor of Catherine II's coronation. The image of Minerva, the goddess of wisdom and justice, symbolized the empress. In this production, Volkov embodied his dreams of a golden age, where vices are eradicated, and culture flourishes.

However, this work became his last. The masquerade lasted three days in severe frost, and Volkov, who actively participated in its organization, fell ill and passed away on April 4, 1763.