As of the census of 2000, there were 3,645 people, 1,428 households, and 1,106 families residing in the city. The population density was 910.5 people per square mile (351.8/km²). There were 1,584 housing units at an average density of 395.7/sq mi (152.9/km²). The racial makeup of the city was 96.49% White, 0.71% African American, 0.03% Native American, 2.14% Asian, 0.22% from other races, and 0.41% from two or more races. Hispanic or Latino of any race were 0.82% of the population.
There were 1,428 households out of which 30.0% had children under the age of 18 living with them, 67.6% were married couples living together, 7.1% had a female householder with no husband present, and 22.5% were non-families. 20.2% of all households were made up of individuals and 8.9% had someone living alone who was 65 years of age or older. The average household size was 2.50 and the average family size was 2.88.
In the city the population was spread out with 21.7% under the age of 18, 7.1% from 18 to 24, 25.1% from 25 to 44, 29.7% from 45 to 64, and 16.4% who were 65 years of age or older. The median age was 43 years. For every 100 females there were 94.6 males. For every 100 females age 18 and over, there were 91.5 males.
The median income for a household in the city was $53,869, and the median income for a family was $62,018. Males had a median income of $50,306 versus $30,494 for females. The per capita income for the city was $29,453. About 4.1% of families and 6.0% of the population were below the poverty line, including 11.1% of those under age 18 and 2.1% of those age 65 or over.
The area also has a large railroad classification yard, built by the Chesapeake & Ohio Railroad and now operated by CSX. The C&O Rail Yard was formerly the world's largest individually owned rail yard in the world.
Our Lady of Bellefonte Hospital is located in Russell.
Russell is located within the Russell Independent School District, which it shares with its neighbors, Flatwoods and Bellefonte. The main campus, which includes Russell High School, Russell Middle School, Russell Primary School and the Russell Area Technology Center, sit on the Russell/Flatwoods city line (all of the school's mailing addresses are Russell, but they receive primary police and fire protection from Flatwoods). In addition, the district's central office is located in downtown Russell. The Russell High School football field also is home to a fire breathing Red Devil, the school's mascot, named Rudy. Rudy sits atop the scoreboard.