Apart from hydroelectric generating purposes, the dam serves to facilitate navigation in the lower part of the river previously known for its rapids.

Despite its relatively small size, Volkhov has played a large role in Russian history and economy: in recognition of that, a figure representing the Volkhov appears among the allegorical monuments to the four major rivers of Russia (the others are: Volga, Dnieper and Neva) on the rostral columns in the ensemble of the Old Saint Petersburg Stock Exchange and Rostral Columns.

Its role in facilitating trade is due to its position as the only river penetrating deep into inland Russia that flows north towards the Baltic, rather than south towards the Caspian or Black Seas.

After entering the Volkhov near Gorchakovshchina and Lyubsha, commercial vessels of the Vikings cast anchor at the major trade emporium of Aldeigja (Ladoga).

There was another outpost at Kholopy Gorodok, 13 km north of present-day Velikiy Novgorod, or rather Holmgard, which was founded near the point where the Volkhov flows from Lake Ilmen.

"Most of these were initially small sites, probably not much more than stations for re-fitting and resupply, providing an opportunity for exchange and the redistribution of items passing along the river and caravan routes".

In 2015, the Volkhov was part of a route of a river barge transporting a VVER-1200 nuclear reactor vessel from the Atommash plant in Volgodonsk.

After being moved by the barge up the Volkhov to Novgorod, the reactor was taken across the city to the train station, and then shipped by a special rail car to Belarus.