Albert was the son of Henry IV, Duke of Mecklenburg, and Dorothea of Brandenburg, the daughter of the Elector Frederick I of Brandenburg.

In 1464, he and his brother John VI received from their father the bailiwicks of Güstrow, Plau, Laage and Stavenhagen as a source of income.

In 1479, his brother Balthasar, who had until then been Coadjutor of the Bishopric of Schwerin, also desired to be co-regent of Pomerania.

Their mother mediated an agreement to divide the Duchy.

Magnus II and Balthasar jointly ruled the rest of the Duchy.