He graduated from Sofia University in June 1908, with an honors degree in mathematics and physics. In 1925, he received a doctoral degree in mathematics from the University of Naples defending a thesis (Le equazioni di Riccati) about Riccati equations, having as advisor Ernesto Pascal.
Lubomir Chakalov was a member of the Royal Czech Academy of Sciences, Warsaw Academy of Sciences, and a permanent member of the Bulgarian Academy of Sciences since 1930. In 1950 he received the Dimitrov Prize and in 1963 he was awarded the title "People's figure of culture."
The National Gymnasium of Natural Sciences and Mathematics "Academician Lyubomir Chakalov" is named after him.
- Tchakaloff, L. (1937). "Über eine Darstellung des Newtonschen Differenzenquotienten und ihre Anwendungen". Comptes rendus du Congrès international des mathématiciens: Oslo, 1936. vol. 2. p. 98.
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