Some of the most exciting experiences that Metaverse promises to offer, for instance, live interactions with virtual characters in virtual environments, require real-time photo-realistic rendering. 3D reconstruction approaches to rendering, active or passive, still require extensive cleanup work to fix the meshes or point clouds. In this paper, we present a neural volumography technique called neural volumetric video or NeuVV to support immersive, interactive, and spatial-temporal rendering of volumetric video contents with photo-realism and in real-time. The core of NeuVV is to efficiently encode a dynamic neural radiance field (NeRF) into renderable and editable primitives. We introduce two types of factorization schemes: a hyper-spherical harmonics (HH) decomposition for modeling smooth color variations over space and time and a learnable basis representation for modeling abrupt density and color changes caused by motion. NeuVV factorization can be integrated into a Video Octree (VOctree) analogous to PlenOctree to significantly accelerate training while reducing memory overhead. Real-time NeuVV rendering further enables a class of immersive content editing tools. Specifically, NeuVV treats each VOctree as a primitive and implements volume-based depth ordering and alpha blending to realize spatial-temporal compositions for content re-purposing. For example, we demonstrate positioning varied manifestations of the same performance at different 3D locations with different timing, adjusting color/texture of the performer's clothing, casting spotlight shadows and synthesizing distance falloff lighting, etc, all at an interactive speed. We further develop a hybrid neural-rasterization rendering framework to support consumer-level VR headsets so that the aforementioned volumetric video viewing and editing, for the first time, can be conducted immersively in virtual 3D space.