He was the last child and only son of Otto I, Prince of Anhalt-Aschersleben, by his wife Hedwig, daughter of Henry III the White, Duke of Breslau.

After years of maintaining close ties with his cousin Waldemar, Margrave of Brandenburg-Stendal, Otto broke with him and became a vassal of King Eric VI of Denmark in 1315.

The Bishopric of Halberstadt took over his principality and lands (including Aschersleben) as payment for debt after his death.

The presiding Anhalt prince at this time, Bernhard II of Anhalt-Bernburg, recognized the validity of the bishop's claim to this territory and the transfer was agreed upon in a contract signed in December 1316.

2 May 1347), the only daughter of Frederick Clem, the youngest son of Henry III, Margrave of Meissen.