A native of the Russian Republic of the Soviet Union, Korolev became a naturalized Canadian citizen in 2000.

[2][3] Korolev began his professional playing career with HC Dynamo Moscow in the 1988–89 season appearing once.

He was picked up by the Winnipeg Jets in the waiver draft in January 1995 and stayed with the team as it moved to Phoenix.

Korolev died on September 7, 2011, the day after he turned 41, when a Yakovlev Yak-42 passenger aircraft crashed just outside Yaroslavl, Russia while transporting Lokomotiv to Minsk to play their opening game of the season.

Lokomotiv officials said "everyone from the main roster was on the plane plus four players from the youth team.

Korolev's family has a permanent home in the North York district of Toronto, Ontario, Canada.