Terentiev was born in Pavlograd into the family of lieutenant Gerasim Lvovich Terentiev and daughter of a resigned cavalry captain of Elizabeth von Derfelden. He had a brother and two sisters: Vladimir, Olga and Tatiana He entered the law department of Kharkov University and in 1912 exchanged into jurisprudential faculty of Moscow University which he graduated in 1914. In 1916 he got married and moved to Tbilisi to live with his wife. In 1918 Terentiev entered the futuristic group "41°" created by Ilya Zdanevich In 1922 Terentiev unsuccessfully tried to emigrate to reunite with his family. He travelled to Istanbul but at the time when he arrived visas for France, where his family resided, were not available, and he had to return. In the summer of 1923 Terentiev moved to Petrograd. He worked in the Museum of Art Culture with K.Malevich, M.Matyushin and P.Filonov. Early in 1924 he engaged in directorial work at Krasniy Theatre for which he wrote and staged a play called "John Reed". He created experimental Theatreof the House of Press in Shuvalovsky palace on Fontanka quay. Here Terentiev who considered himself Meyerhold's follower staged his own play "Bundle", opera "John Reed", Gogol's "The Inspector General", the play "Natalia Tarpova". In 1928 Terentiev was on tour with the Theatre of the House of Press in Moscow's Thearte of Meyerhold. The tour was a success. A.Lunacharsky proposed to move the Theatre to Moscow, but neither placement nor money were provided and the troupe broke up. Terentiev went to Ukraine. In Odessa he staged Afinogenov's "Crank", in Kharkov - "The Inspector General". He worked in Dnepropetrovsk in Gorkiy's Theatre of Russian Drama and developed Ukrainian Youth Theatre. In 1931 in Dnepropetrovsk Terentiev was arrested. In accordance with 58th enactment he was sentenced to 5 years which he served by labour on Belomorkanal; was released preschedule in 1934. On his arrival in Moscow, Terentiev tried to findwork in a theatre but failed. He started shooting the film about the events of the civil war in Kerch called "Rebellion of Stones" but the project was not finished. Terentiev was called into civilian recruitment on works on Moscow-Volga channel. The construction site was visited by M.Gorky, Terentiev's brigade was photographed by A.Rodchenko. In May 1937 Terentiev was rearrested. Executed by a firing squad in Butyrskaya prison.