Krokodil was founded in 1922, first as a supplement to Rabochaya Gazeta ('Workers' Newspaper'), and was published once a week.

Krokodil also ridiculed capitalist countries and attacked various political, ethnic and religious groups that allegedly opposed the Soviet system.

Many notable persons contributed to the magazine, including Vladimir Mayakovsky, Mikhail Zoshchenko, Kukriniksy, and Yuliy Ganf.

Similar magazines existed in all the Union republics, and in several ASSRs and in other states of the Soviet bloc, e.g. Starshel ("Wasp") in Bulgaria, Eulenspiegel in East Germany, Urzica ("The Nettle") in Romania, Dikobraz ("Porcupine") in Czechoslovakia, and Szpilki ("Pins") in Poland.

It was reinstated in 2005 in Russia, issued monthly, headquartered in Moscow, and with editor-in-chief Sergei Mostovshchikov.