Boukreev was born in Korkino, within the Russian SFSR Soviet Union (in the present Chelyabinsk Oblast). He came from the narod, the Common people, and his parents were both poor. After completing high school in 1975, he attended Chelyabinsk University for Pedagogy, where he majored in physics and earned his Bachelor of Science degree in 1979. At the same time, he also completed a coaching program for cross-country skiing.

After graduation, the 21-year-old dreamed of mountain climbing. Boukreev moved to Alma-Ata, the capital of the neighbouring Kazakh SSR (present day Kazakhstan) located in the Tian Shan mountain range. From 1985 he was part of a Kazakhstani mountaineering team, and he became a citizen of Kazakhstan in 1991 after the breakup of the Soviet Union.

Boukreev's solo speed ascent of Denali in 1990 was completed in 10½ hours from the base to the summit. That season acclimated climbers were normally taking three to four days and five camps to summit — Boukreev's feat was noted by Climbing magazine in a 1990 issue, and commented on by Denali Park rangers who described it as "unreal".

In 1993, Boukreev reached the summit of K2 via the Abruzzi Spur, where he shared the peak with team members Peter Metzger of Germany and Andy Locke of Australia. The other team members were German climbers Reinmar Joswig (the team leader) and Ernst Eberhardt. With a peak elevation of 8,611 metres (28,251 ft), K2 is the second-highest mountain on Earth after Mount Everest.

Icelandic actor Ingvar Eggert Sigurðsson portrays Boukreev in the Baltasar Kormákur film, Everest, about the 1996 Everest disaster.

In 1997 Anatoli Boukreev was awarded the David A. Sowles Memorial Award by the American Alpine Club. The award recognizes people "who have distinguished themselves, with unselfish devotion at personal risk or sacrifice of a major objective, in going to the assistance of fellow climbers imperiled in the mountains. It is dedicated to the memory of David A. Sowles." It was presented to him by Jim Wickwire, the first American to summit K2. The award is the American Alpine Club's highest award for valor in recognition of his role in rescuing climbers in the 1996 Everest disaster.

News of the accident reached New Mexico on December 26. Linda Wylie, Boukreev's girlfriend, left for Nepal on December 28. Several attempts were made to reach the avalanche site by helicopter but inclement weather in late December prevented search teams from reaching Camp I. On January 3, 1998, searchers were finally able to reach Camp I and an empty tent. Linda Wylie subsequently issued a somber statement from Kathmandu:

As part of the Karakoram range, K2 is located on the border between Pakistan and China. K2 is referred to as the "Savage Mountain" — notable for its steep pyramidal relief, dropping quickly in almost all directions, and the inherent danger in climbing it. The danger facing Boukreev on K2 was that the summit felt like the finish line. Boukreev would later write that he did not feel the emotions of victory in that moment on top of K2's peak because he was physically and emotionally spent. Boukreev found himself in a dangerous position. He had expended too much Energy placing fixed lines along a narrow, steep portion earlier that day. But since the team wanted to push on to the summit that same afternoon, rather than return to their tents to sleep and make a summit bid the next morning, Boukreev acquiesced. Boukreev would later write: