In 1382, after the death of his father, Albert inherited the principality of Anhalt-Zerbst jointly with his brothers Sigismund I and Waldemar III.
Destined for the church at a very young age, Albert was made canon of Magdeburg Cathedral in 1392.
Five years later, in 1396, the brothers Sigismund and Albert decided to settle on a formal division of the principality of Anhalt-Zerbst.
Shortly after, he resigned all of his ecclesiastic posts in order to marry and produce heirs to his lands.
4 February 1419 Albert married for a second time to Elisabeth (d. 1452), daughter of Gebhard XI, Count of Querfurt and widow of Conrad (Kurt) of Hadmersleben, Lord of Egeln.