Korolev is a large lunar crater of the form commonly termed a walled-plain. It lies on the far side of the Moon, and the northern part of its floor crosses the lunar equator. Notable nearby craters include Das to the south-southeast, Doppler crater attached to the southern rim, and Kibal'chich crater to the northeast.

The outer rim of Korolev is heavily worn and eroded, with a multitude of small craterlets lying across the wide rim and the low inner wall. The interior floor is relatively flat compared to the surrounding terrain, but is pock-marked with many craters of varying sizes. The most notable of these interior craters are 'Korolov M' in the southern part of the floor, and 'Korolov D' next to the northeast rim.

Within the interior of Korolev is the remains of a second, inner ring. This is roughly half the diameter of the outer wall, and is the most intact in the eastern half. Here it forms a curving arc of ridges across the floor. At the mid-point of the formation, there is nothing resembling a central peak. However the 'Korolev B', 'Korolev T', and 'Korolev L' craters lie within the diameter of the inner ring.

Satellite craters

By convention these features are identified on Lunar maps by placing the letter on the side of the crater mid-point that is closest to Korolev crater.