Vaganova was born in Saint Petersburg to Akop Vaganov, an Armenian from Astrakhan, who worked as an usher at the Mariinsky Theatre,[1][2] and a Russian mother.

She graduated from the Classe de Perfection of the former Prima Ballerina Evgenia Pavlovna Sokolova (she was also trained by Yekaterina Vazem, Christian Johansson, Lev Ivanov, Nikolai Legat and Pavel Gerdt).

By the time she attained the rank of soloist, Saint Petersburg balletomanes dubbed her queen of variations, for her unlimited virtuosity and level of technique.

[4] In 1921 Vaganova began teaching at the Choreographic College, so at that time was called the former Imperial Theater School situated on Rossi street (after the revolution ballet department was separated from the Drama and Music).

In 1933, she staged the classical version of Swan Lake by Lev Ivanov and Marius Petipa with Galina Ulanova as Odette, Olga Jordan as Odile and Konstantin Sergeyev as Prince Siegfried.

[5] The same year Vaganova (along with Boris Shavrov) initiated the establishing at the Leningrad Conservatory of pedagogic department for training of future ballet teachers which she began to manage.

Shortly after her death, on 1 November 1951, the Choreographic College on Rossi Street was renamed in her honor; in 1961, it received the title of "academic" and in 1991 it began to use the name Vaganova Academy of Russian Ballet.