We investigate the problem of derivation of consistent equations of motion for the massive spin 2 field interacting with gravity within both field theory and string theory. In field theory we derive the most general classical action with non-minimal couplings in arbitrary spacetime dimension, find the most general gravitational background on which this action describes a consistent theory and generalize the analysis for the coupling with background scalar dilaton field. We show also that massive spin 2 field allows in principle consistent description in arbitrary background if one builds its action in the form of an infinite series in the inverse mass square. Using sigma-model description of string theory in background fields we obtain in the lowest order in $alpha$ the explicit form of effective equations of motion for the massive spin 2 field interacting with gravity from the requirement of quantum Weyl invariance and demonstrate that they coincide with the general form of consistent equations derived in field theory.