In 1960 he graduated from the school of “Economy of Industry” of Azerbaijan State National Economic Institute (current UNEC) named after K. Marx  In between 1961 and 1964 he worked as an economist at Baku Number 1 House Building Integrated Plant of Baku Main Construction Department. In 1967 he completed a post-graduate program in full-time attendance mode at the Scientific Research Institute of the Economy of Construction of USSR State Construction and Architectural Committee in Moscow and defended his dissertation to acquire a degree of a candidate of economic sciences.  In between 1967 and 1980 he served as a head of department, deputy director on scientific works and director of the institute at Scientific Research Economic Institute (current ESRI) under Azerbaijan SSR State Planning Committee. In between 1980 and 2000 he served as a department head at the State Planning Committee and State Property Committee. Since 2000 he worked as a department head at Azerbaijan National Academy of Sciences. He has been a doctor of economic sciences since 2009.  

He is the author of more than 40 scientific works, including authorship and co-authorship of 5 monographs and one textbook.

Tofig Huseynov also actively participated in the discussion of dissertation works as a member of the defence council operating at the ANAS Institute of Economics and currently continues his professional activity there.