Abalakov was born in Yeniseysk. He is noted for making the first ascent of the highest point of the Soviet Union - Stalin Peak (later renamed Communism Peak and eventually Ismoil Somoni Peak, its current name) (7,495 m) on 3 September 1933 as a member of the 26th detachment of the Tajik-Pamir Sovnarkom expedition. At the beginning of the German-Soviet War Abalakov went to the front. In the spring of 1948 Abalakov died in Moscow, in obscure circumstances, while preparing for the ascent to the Victory Peak. His brother, Vitaly Abalakov, was also a famous mountaineer.