The journal was founded in March 1933. Initially its title was Problemy sovetskoi geologii (Problems of Soviet Geology). Academician Ivan M. Gubkin, one of the national geological survey’s founders, had initiated this monthly publication and was its first Editor-in-Chief. The journal was aimed at "focusing the theoretical thought in the field of geology and the directing of its maintenance tasks for the preparation of the mineral resource base of the industry".

The journal continues to publish papers on development of priority directions of academic and practical geology, efficient techniques and methods of geological exploration and evaluation of mineral deposits. Otechestvennaya Geologiya publishes papers on regional geology, development of mineral base, global-scale geological structures, issues in hydrogeology, geoecology, etc.