Valentina Khodasevich attended Sunday classes in the Imperial Stroganov Art School in the late 1910s and Fyodor Rerberg's Studio (1910 – 1911, Moscow).
She studied in Habermann's Studio (Privatschule Hugo von Habermann, München) in Munich in 1911 – 1912 and then – in private Paris studios of K. van Dongen and Zh. Anglade. Upon return to Moscow she worked together with a group of young artists (V. Tatlin, N. Rogovin, A. Vesnin, etc.) in an art studio at Ostozhenka.
In 1918 – 1919 Valentina Khodasevich made her debut as a stage designer with the performance Tree of Transformations after Nikolay Gumilyov's play at the Halt of Comedians theater studio in Petrograd. She collaborated with the stage director Radlov at the National Comedy theater. The artist took part in designing Petrograd for revolutionary festivals, and illustrates books and magazines. She repeatedly travelled abroad, when invited by Maxim Gorky and accompanying her husband A. Diderikhs on a business trip. She designed stage productions in Milan and Rome.
In 1930 she designed scenery for Vladimir Mayakovsky's pantomime Moscow is on Fire in the First Moscow State Circus and for Dmitry Shostakovich’ ballet The Golden Age at the State Academic Opera and Ballet Theater (nowadays the Mariinsky Theater). In 1932 – 1936 Valentina Khodasevich was the art director of this theater.
The year 1934 saw her personal exhibition in the House of Theatrical Workers in Leningrad. Valentina Khodasevich designed about 150 plays and was justly considered to be one of the best stade designers of Leningrad.