Mushfig Hatamov was born in the village of Shurabad, Aghdam. He studied at the Drama and Film Actor Faculty of the Azerbaijan State Institute of Arts (1986-1992). He taught directing and acting at the Baku Cultural Education Technical School (1992-2002). He was the head of about 100 concert programs, advertising campaigns, producer of films, and author of television projects at “MM” LLC, which he founded in 2000.

He worked as an inspector in the Cinematography Department of the Ministry of Culture and Tourism (2002-2006), head of the State Register of Films sector (2006-2010), deputy head of the Cinematography Department (2010-2011), director of the “Azerbaijanfilm” film studio (2011-2019), general director of Space television (2021-2023), chairman of the Azerbaijan Producers Guild (2012-2022). He was awarded the "Humay" National Award (2014), the "Golden Fairy" award in the "Best Producer" nomination. He is an Honored Artist (2016). 

Since 2025, he has been the chairman of the Azerbaijan Producers Guild again.