He was the fifth but second surviving son of Ernst I, Duke of Saxe-Coburg-Altenburg (1601-1675), and Elisabeth Sophie of Saxe-Altenburg (1619-1680).

With his brother Bernhard, he attended the University of Tübingen from 1666, and later continued his studies in Geneva.

When his father died in 1675, Albert became ruler of the duchy of Saxe-Gotha-Altenburg along with all his brothers, and took Saalfeld as his residence.

In 1680, after concluding a treaty of partition with his brothers, he received Coburg, to which he moved his residence.

Albrecht married firstly in Gotha on 18 July 1676 Marie Elisabeth of Brunswick-Wolfenbüttel, Dowager Duchess of Saxe-Weimar.