The material for this compilation was recorded on a non-commercial basis by the four Leningrad bands and smuggled by Joanna Stingray to the US.

Production and release was done by the Los Angeles-based indie label Big Time Records on June 27, 1986.

[2] Three of the four bands (Aquarium, Kino and Alisa) on this album have later become icons of the Russian rock movement and are still widely known and followed in Russia.

Due to the success of Red Wave, the Soviet state label Melodiya released the albums Noch and Energiya, as well as a compilation of Akvarium songs, in 1987 and 1988.

1994 saw the first and to date only CD release, also on SNC and omitting one track each by Kino, Akvarium and Strannye Igry.