The card is obtained in the story deck called Imperial Might after completing Chapter 14 - A Fractured Legion, or at level 9. This is the only way to obtain the card, since it is impossible to craft by soul gems.
The Volkihar Lord can be used to quickly, and efficiently, regain health from the opponent, whilst damaging him very hard. His Power and Health make him a strong but expensive creature, as it costs 9 Magicka to cast it upon a Lane. Players are advised to keep in mind that he is not expendable and that Piercing Javelin and similar cards can destroy it effortlessly.