For a long time, the fertility rate in Russia has been below the replacement level. We study the problem of fertility in Russia using RLMS data for the period 1994–2014. We conclude that our country looks to European values insofar as jobs are important for women which, in turn, leads to the postponement of childbearing and reduces the total number of children in families. We also find the spread of unmarried cohabitations and the increase of births produced by single mothers. We find that demographic determinants have a fundamental impact on the birth rate. Fertility rates are higher for women with a partner, with no children or children of the same sex, living in rural area, living with other relatives. The economic characteristics of her partner (education, job, wage) have no significant effect on women’s fertility decisions. The analysis of the relationship between women education and employment and her fertility behavior suggests that working women with higher education do not have enough time to realize their reproductive plans. In this regard the government could boost fertility rate by creating more flexible work arrangements for women. The proper question for future research is to reveal a gap between women’s fertility intentions at early phases of her life and their realization by the end of her life-course, and to understand in which social strata this gap is highest.