In 1976 he graduated from the Kuibyshev Aviation Institute.
Until 1991 he worked in the Kuibyshev Unified Air Squad as a master, chief of the technical department, was secretary of the Party Committee of the Kuibyshev Unified Air Squad.
On January 11, 1992 by presidential decree Oleg Sysuev was appointed head of the city administration of Samara. The appointment was promoted by the representative of the President in the Samara region Anton Fedorov.. On June 5, 1994 Sysuev won in the first round of the election of the head of Samara, gaining 304 thousand votes (72.89%). On September 1, 1996 he received 73.20% of the votes and was re-elected head of Samara. On April 1, 1997 he was relieved of his post because of his appointment to the government of the Russian Federation.
On March 17, 1997 he was appointed Deputy Chairman of the government of the Russian Federation for Social Affairs. In March of 1998 he retired with the entire cabinet of ministers of Viktor Chernomyrdin. Since May of 1998 he joined the government of Sergei Kirienko as deputy prime minister for social policy and media. After the resignation of the cabinet Kirienko served as vice-premier. From September 1998 to June 1999 - First Deputy Head of the Administration of the President of the Russian Federation, resigned after the resignation of Prime Minister Yevgeny Primakov.
Since July 1999 - First Deputy Chairman of the Board of Alfa-Bank. A member of the Board of directors of AlfaStrakhovanie, Alfa Capital Management Company, a member of the Advisory Board of Rosvodokanal Management Company, a First Vice President of X5 Retail Group LLC, a Chairman of the Foundation for the Charity Program for saving seriously ill children “Life Line”.
He is married, has a son and a daughter.