Gadzhiev was an ethnic Avar, born into a peasant family in the Megeb area of Dagestan.

In 1939 he studied at the Voroshilov Naval Academy and was assigned to the Northern Fleet on graduation.

On 12 May 1942 his boat, the K class K 23, was sunk by German forces commanded by Wolfgang Kaden with all hands lost.

A Don class submarine depot ship was named Magomet Gadzhiyev in the 1960s.

Streets in Murmansk, Makhachkala, Severomorsk, Oskemen and Polyarny, and several schools, were named in his honour.