Alekperov graduated in 1974 from Azerbaijan Oil and Chemistry Institute. As a student he also worked as a drilling operator in Kaspmorneft, a Caspian regional production company.
Alekperov moved to Western Siberia in 1979 and worked at Surgutneftegaz between 1979 and 1985, earning his reputation as an industry expert. He was ascending positions and by 1985 became first deputy general Director of Bashneft production company. In 1987, he became general Director of the newly created production company Kogalymneftegaz.
Alekperov is married to Larisa Victorovna Alekperova and has a son Yusuf born in 1990.
As deputy minister of the oil and gas industry of the Soviet Union, Alekperov was engaged in the formation of the first vertically integrated state-owned Energy company, Langepas-Uray-Kogalymneft, which was established in late 1991 as a subsidiary of the Ministry of Fuel and Energy. In April 1993, Langepas-Uray-Kogalymneft became LUKoil Oil Company, with Alekperov as its President.
LUKoil has been the first Russian company to acquire an American company. In November 2000, LUKoil acquired Getty Petroleum Marketing and its 1,300 gas stations in the United States Like many other Russian Oligarchs, Alekperov has also moved into banking and media. In May 2006 Alekperov was one of the two main owners of IFD Kapital Group.