Akalın was born in Tarsus in 1972. She received her undergraduate degree from the Faculty of Political Science and Public Administration at Middle East Technical University in 1994 and her master's in Women's Studies from the same faculty in 1997. While completing her graduate studies, she was Project Coordinator of the UNDP's "National Program to Strengthen the Participation of Women in Development".
Akalın joined the Eczacıbaşı Group in 1998 as a core member of the newly forming corporate communications team. She is now Director of Corporate Communications and General Secretary of the Dr. Nejat F. Eczacıbaşı Foundation, which is dedicated to supporting education and scientific research in Turkey, and to preserving and promoting Turkey's cultural and artistic production.
İlkay Akalın is a member of the Eczacıbaşı Group's Equal Opportunity Working Group, established in 2014 to raise awareness about issues related to gender equality and determine measures for facilitating the equal participation of women in business life.
She is also a soloist and vocalist of Ecza Dolabı, a musical group made up of Eczacıbaşı Group employees that performs charity concerts to raise money for foundations and social projects.
Akalın is married, has two children, and is fluent in English.