Albert was born in 1397 in Vienna. His father was Prince Albert IV of Austria, his mother was Princess Johanna Sofia of Bavaria-Straubing.

He married the daughter of his predecessor, Sigismund of Luxemburg, thereby gaining the throne. Sigismund appointed him as his official successor, so he came to power after the king's death. Albert was the first Habsburg to sit on the Hungarian throne.

In 1438, he was elected German king in Frankfurt, but his coronation ceremony did not take place. He also received the Czech royal title.

He died in 1439. He was succeeded by his son Ladislaus the Posthumous.

As a medieval ruler, King Albert of Habsburg (1437-1439) had as his main purpose minting and distributing coins that reflected the kingdom's economy and power. Such coins usually bore the image or coat of arms of the king and were marked with the ruler's name and title. During the minting, coins of different values were minted, silver denarii and gold forints.