The Muscovy Company (also called the Russia Company or the Muscovy Trading Company; Russian: Московская компания, romanized: Moskovskaya kompaniya) was an English trading company chartered in 1555. It was the first major chartered joint-stock company, the precursor of the type of business that would soon flourish in England and finance its exploration of the world. The Muscovy Company had a monopoly on trade between England and Russia until 1698 and it survived as a trading company until the Russian Revolution. Since 1917, the company has operated as a charity, now working within Russia.

The Muscovy Company traces its roots to the Company of Merchant Adventurers to New Lands (in full: "Mystery and Company of Merchant Adventurers for the Discovery of Regions, Dominions, Islands, and Places unknown") founded in 1551 by Thomas White (merchant), Richard Chancellor, Sebastian Cabot and Sir Hugh Willoughby, who decided to look for the Northeast Passage to China.

The first expedition of the Company of Merchant Adventurers was led by Willoughby, for his military leadership skills after esteemed service against the Scots defending English castles in the north of the country. He had no prior nautical or navigational experience and it was hoped he would transition into naval life with the same aplomb he showed on land. Chancellor would function as the navigator of the small fleet, which consisted of three ships: the Bona Esperanza under Willoughby, the Edward Bonaventure under Chancellor and the Bona Confidentia. The fleet departed from London on 10 May 1553, but near the Lofoten islands a storm hit the ships and separated Chancellor's vessel from the other two.

Willoughby eventually crossed the Barents Sea and reached Novaya Zemlya. He spent some time sailing along the coast, then turned south towards Scandinavia. However at the mouth of the Varzina River on the coast to the east of present-day Murmansk the ship became trapped in ice. Willoughby and his crew were found a few years later by Russian fishermen who stumbled across the ship frozen in ice. Forcing entry into the ship, they found the bodies of Willoughby and his men frozen solid. It has been assumed that the men froze after a cold Russian winter aboard the ship, however, Willoughby and his men were well supplied for a winter aboard a ship – they had supplies of food enough for a journey meant for Asia and they had many woollen garments meant for trading in any destination they might have ended up in. It has therefore been posited by historians that Willoughby and his crew died not from exposure to the elements, but from carbon monoxide poisoning. The surrounding bay would have had ample supplies of sea coal and it was likely that men would have been sent out to gather material to keep them warm, and any combustion of sea coal in an enclosed area could easily have led to their deaths in a small ship hold. At any rate, Willoughby sent out scouts in various directions with the instruction to return after three days travelling if they had not found any human contact. All of these journeys failed.

Chancellor was luckier. He penetrated the White Sea, where the local fishermen were amazed by the great size of his Western-built ship. He reached the harbour of Nikolo-Korelsky Monastery on the Northern Dvina river (near the present-day Arkhangelsk, which would be eventually founded in 1584 to service the growing trade). The region had just recently been added to Muscovy, and when Tsar Ivan IV heard of Chancellor's arrival, he immediately invited the exotic guest to visit Moscow for an audience at the royal court.

Chancellor made the journey of over 600 miles (970 km) to Moscow through snow- and ice-covered country. He found Moscow large (much larger than London) and primitively built, almost all being made out of wood only. However, the palace of the Tsar was very luxurious, as were the dinners he offered Chancellor. The Russian Tsar was pleased to open the sea trade routes with England and other countries, as Russia did not yet have a safe connection with the Baltic Sea at the time and almost all of the area was contested by the neighbouring powers of Lithuania, Poland, and the Sweden. In addition, the Hanseatic League had a monopoly on the trade between Russia and Central and Western Europe. Chancellor was no less optimistic, finding a good market for his English wool, and receiving furs and other Russian continental goods in return. When he returned to England in 1554, he had letters from the Tsar with him, inviting English traders and promising trade privileges.

The Company of Merchant Adventurers to New Lands was rechartered as the Muscovy Company by Mary I of England in 1555, and in the same year Chancellor left for Russia again. The Muscovy Company became an important diplomatic link between Muscovy and England, and was especially valued by the isolated Muscovy. Upon his arrival to the court of Ivan IV, Chancellor secured a number of privileges within Russia for the company, including free passage, control of English settlement, and freedom from arrest.

When Chancellor set sail for England one year later in 1556, he was joined by the first Russian ambassador to England, Osip Nepeya. However at this juncture Chancellor's luck finally ran out. Off the Scottish coast, his ship was caught in a sudden storm and shipwrecked. Chancellor drowned, but Nepeya managed to reach the coast, where he was taken hostage by the Scots for a few months before they allowed him to travel on to London.