Volodyovski, a bay horse with a narrow blaze and a white sock on his left back foot, was owned and bred by Lady Valerie Meux who used the name "Mrs. Theobalds" for her racing interests.

[2] Volodyovski was one of the first crop of foals sired by Florizel II, a high class racehorse and a brother to the Derby winners Persimmon and Diamond Jubilee.

At Kempton he finished second in the Imperial Produce Stakes, in which he was attempting to give thirteen pounds to the filly Aïda, who went on to win the 1000 Guineas.

Ridden by the American jockey Lester Reiff, Volodyovski was held up in the early stages and was not among the front-runners as the outsider Olympian led the field into the straight.

In the closing stages he was challenged by William the Third but after briefly looking to be in trouble when he was startled by the noise of the crowd,[18] he pulled away before being eased down in the final strides to win by three quarters of a length.

[25] It appeared that several of the English jockeys had connived to prevent Reiff from winning the race, but an objection lodged Volodyovski's connections was rejected by the stewards.

[34] In September Volodyovski finished second in the Prince Edward Handicap, conceding 36 pounds to the winner[35] and was the beaten favourite in the Duke of York Stakes at Kempton in October.

[36] In their book A Century of Champions, John Randall and Tony Morris rated Volodyovski an "average" Derby winner.

Lady Meux died in 1910 and ordered in her will that Volodyovski should be shot when he "ceased to be of service"[40] to prevent his suffering at the hands of new owners or due to the infirmities of old age.