Oleg Timakov was born on July 26, 1920 in Moscow.

During his career, he played for Spartak for many years. The midfielder finished his career in 1954 and began coaching.

For some time he worked as an assistant coach at the Moscow club Lokomotiv. In 1957, he was appointed head coach of Neftchi and led the team for two seasons.

Oleg Timakov died on November 16, 1990.