The GAZ M21 Volga, the first car to carry the Volga name, was developed in the early 1950s. Volgas were built with high ground clearance (what gives it a specific "high" look, contrary to "low-long-sleek" look of Western cars of similar design), rugged suspension, strong and forgiving engine, and rustproofing on a scale unheard of in the 1950s.

The Third Series was produced from 1962 to 1970. The 1962 models dropped the leaping deer hood ornament, and had a new grille. It used a 6.7:1 compression engine of 75 hp (56 kW; 76 PS) with an optional 7.65:1 compression of 80 hp (60 kW; 81 PS) (usually reserved for the export models). The headliner changed from cloth to vinyl, and the radio became optional. It was offered as the standard M21L, M21T taxi, and right-hand drive M21N export model.

Also in 1962, GAZ advertised a station wagon/estate model, the M22; most of these were exported or reserved for official use. The first station wagons/estates were delivered in 1963, and were designated M22 (75 hp (56 kW; 76 PS)), M22G (export, 75 hp (56 kW; 76 PS)), M22T (export, 85 hp (63 kW; 86 PS)); ambulances were M22B (75 hp (56 kW; 76 PS)) and M22BK (85 hp (63 kW; 86 PS)). An M22 prototype four-wheel drive station wagon/estate was also built, as was an M22A van.