Among his accolades are the Russian State Prize (1995), the Order "For Merit to the Fatherland" (III, IV – 2000, 2010) and the Golden Mask award (1995, 2000, 2005, 2008).

After graduation in 1971, Raikin was invited by Galina Volchek to the Sovremennik Theatre, where he worked for 10 years, having played 38 roles during this time, including 15 main ones.

In the same year, the play The Maids by Jean Genet appeared in the theater of Roman Viktyuk, which became an event in the theatrical life of the capital.

For this work, he was awarded the national theater prize of the Union of theatrical figures of the Russian Federation Golden Mask.

In 1996, Raikin played the role of Mack the Knife in Bertolt Brecht's The Threepenny Opera (directed by Vladimir Mashkov).

In 2000 occurred the premiere of the solo performance of Raikin Der Kontrabaß by Patrick Süskind, the work in which brought the actor a second "Golden Mask".

This was followed by works in the plays Cosmetic Enemy directed by Roman Kozak (the role of Textor Texel), King Lear by Yuri Butusov (Lear), for this work the actor was awarded the fourth National Theater Prize "Golden Mask", It's Not All Shrovetide for the Cat (the role of Ermil Zotych Ahov), and others.

He staged the plays Hercules and Augean Stables (together with Shkolnik, 1988), Mowgli (1990), Such Free Butterflies (1993), Romeo and Juliet (1995), Chioggino skirmishes (1997), The Quartet (1999), Chauntecleer (2001), The Land of Love (2004), Funny Money (2005), The Queen of Beauty (2007), The Lonely West (2007), The Blue Monster (2008), Profitable place (2003, 2009), Poplars and the Wind (2009), Money (2010).

Fame for the actor came after the release in 1974 of the first Soviet western At Home Among Strangers by director Nikita Mikhalkov, in which he played the role of Tatar Kayum.

The diploma performance "Country of Love" based on the play "The Snow Maiden" by Alexei Ostrovsky became a calling card of young artists.

August 1, 2010, under the guidance of People's Artist of Russia Konstantin Raikin in Karlovy Vary (Czech Republic) opens the International School of Russian Theater.