She began her career at the Bryantsev Youth Theatre in Leningrad.
Olga Volkova was born in Leningrad (modern day - St. Petersburg), in a family of actors.
In 1960 she graduated from the acting studio at the Leningrad Youth Theater (workshop of Leonid Makariev).
In 1993 Volkova received the People's Artist of Russia award.
[2] In 2002 won Golden Eagle Award for Best Supporting Actress for the film The Tale of Fedot-Sagittarius (Baba Yaga).