Born as Wolfgang Helmuth Albert Albach in Vienna to actress Rosa Albach-Retty and K. u. K. officer Karl Albach, Albach-Retty trained at the University of Music and Performing Arts, Vienna, and at the age of twenty played his first role at the Vienna Burgtheater.
After World War II, his acting career soured as his past successes were no longer remembered and he was only able to find supporting acting roles in films. He returned to the Burgtheater and starred in, among other plays, Anatol by Arthur Schnitzler. By that time he was into his second marriage to actress Trude Marlen. He died in Vienna and is buried in Vienna's Zentralfriedhof.
- Oliver Rathkolb: Führertreu und gottbegnadet: Künstlereliten im Dritten Reich. Österreichischer Bundesverlag, Wien, 1991, ISBN 3-215-07490-7, pp. 235–236 (* footnote 674, p. 285, source: AdR, Bundesministerium für Unterricht, Kunst und Kultur. Karton 12. Sammelakten 1946. ZI. 12 B.K./46).
- Ernst Klee: Das Kulturlexikon zum Dritten Reich: Wer war was vor und nach 1945. S. Fischer, Frankfurt am Main, 2007, ISBN 3-10-039326-0, p. 12.