Oktay Akbarov was born on 10 October 1939. In 1957, he completed secondary education with honors and entered  Baku State University, Faculty of Chemistry. He completed his higher education with honors in 1962. The same year he embarked on postgraduate studies at BSU. In 1965, he defended a PhD thesis, and obtained a ScD degree in 1988. In 1989, he became a professor. In 1965, Oktay Akbarov started his research and teaching activity at BSU, where he served as a teacher, senior teacher, associate professor at the Department of Chemistry of Higher Molecular Compounds. In 1989, he became a professor at this department. In 1993-1994, he served as a professor at Cumhuriyet University, Turkey. He has chaired BSU Department of Chemistry of Higher Molecular Compounds since 1994.

Oktay Akbarov`s major research areas include theoretical and practical problems of radical homo and joint polymerization reactions in complex catalysts of allyl monomers. He has published nearly 200 papers in local and foreign periodicals. He is the holder of five patents and five authorship certificates. He has supervised seven PhD students in chemistry to completion. Oktay Akbarov has authored several textbooks and education handbooks for higher and secondary schools. He is the recipient of the title “Merited Teacher”, and a certificates of recognition of the Ministry of Education. He was a member of the Thesis Council under ANAS Institute of Catalysis and Inorganic Chemistry named after M.F. Naghıyev.