Özdemir Bayraktar graduated from Istanbul Technical University, Department of Mechanical Engineering in 1972. After his graduation, he worked for two years as a research assistant under the supervision of İsmail Hakkı Öz, Professor of the Department of Engines. He completed his master's degree with a focus on internal combustion engines. He had positions in many companies that played a leading role in Turkey's industrial sector including Burdur Tractors, Istanbul Retaining Ring Uzel, and more. In 1984, he took part in the establishment of Baykar Makina to indigenize what was then Turkey's highly import-dependent automotive industry. 

At Baykar, he directed many unique machining and manufacturing apparatus design processes for the precision machining sector.  Ozdemir Bayraktar then started to play a pioneering role in Baykar's development of indigenous Unmanned Aerial Vehicle technology, actively implementing these projects from design to prototype, and subsequently from manufacturing stages to further R&D.  Due to his interest in aviation, he has a private pilot's license.

Özdemir Bayraktar has been awarded the Karabakh Order of the Republic of Azerbaijan for the contribution to Bayraktar TB2 UAVs, developed by Baykar in national and original form, in the liberation of Karabakh from the Armenian occupation.