M. Abbasov was born in Baku on July 31, 1926. In 1949 he graduated from the Oil Industry faculty of the Azerbaijan Industry Institute (now Azerbaijan State Oil and Industry University) on the specialty "Oil and mining business".
M. Abbasov received a PhD on technical sciences in 1953, a doctor of technical sciences in 1962 and became a professor in 1965, a corresponding member of the Azerbaijan Academy of Sciences in 1968, an active member in 1980. He was elected Corresponding Member of the USSR Academy of Sciences in 1984.
M. Abbasov from 1964 to 1971 worked as Deputy Director for scientific affairs of the Institute of Problems of Deep Oil and Gas Fields of the AAS (İPDOGF), director of the department from 1971 to 2003, Academician-Secretary of the Division of Earth Sciences Department at the Academy of Sciences 1976-1990, and Vice President of the AAS in 1990-1997. He was member of the Presidential Council of the Azerbaijan Republic, Secretary of State in 1991-1992.
He was elected second convocation deputy of the Baku Soviet, the last convocation to the USSR People's Deputy. He was a member of the International Academy of Natural Sciences and International Society for Nature and Social Sciences, an Honorary Doctor of the All-Russian Scientific-Research Geological-Exploration Institute. In 1982-1992, he headed the USSR AS Academic Council on Problems of Development of Oil and Gas fields. M.Abbasov became the first president of the Azerbaijani branch of the American Society of Petrolium Engineers.
M.Abbasov was a prominent scientist in the field of theory and practice of the development of oil and gas fields, as well as the founder and head of the well-known scientific school in this area. He has repeatedly predicted the new perspective directions of oil science. At school of sciences of M. Abbasov the big group of highly qualified specialists in the field of the theory and practice of development of oil and gas deposits, an underground hydraulic gas dynamics, geologic-geophysical researches, new technologies of oil and gas production, physical and chemical hydrodynamics, the capillary and superficial phenomena, calculus mathematics, programming, optimization, industry economy, etc. has grown up. Creation of theoretical bases is also connected with his name. He was one of the first explorers in several hydrocarbon deposits in Azerbaijan.
He was the author of more than 660 scientific articles and 23 monographs, 43 inventions and 6 patents. Under the leadership of M.Abbasov 21 doctors of sciences and 40 doctors of philosophy have been trained. M.Abbasov was awarded the Azerbaijan State Prize in 1982 and in 1985 he was awarded the award named after academician I.M.Gubkin. Besides, it has been awarded ranks "The honored worker of science" of Azerbaijan, "The honourable oil industry worker of the USSR", "The honorary employee of the gas industry of the USSR".
Academician Midhat Abasov died in Baku in 2012.