Attila Karaosmanoglu was born in Manisa, Turkey in 1931. He attended the Faculty of Political Sciences at Ankara University and received a Bachelor of Arts in 1954. He later obtained a PhD in Economics from the University of Istanbul in 1956. During his postdoctoral studies, he participated as a visiting scholar at Harvard University and New York University, and later returned to Turkey to research and teach at Ankara University and the Middle East Technical University (Ankara, Turkey).

Upon graduation, Karaosmanoglu joined the State Planning Organization of Turkey, and later served as senior advisor to the Organization for European Economic Cooperation (OEEC, now OECD). In 1966, Karaosmanoglu's World Bank career began as a Senior Economist in the Europe and Middle East Department (EME). In 1971, he took leave from the World Bank to serve as Deputy Prime Minister for the cabinet of Turkish Prime Minister Nihat Erim. In 1973, he returned to the World Bank and served in numerous roles thereafter, including: Chief Economist in the Europe, Middle East, and North Africa Region (EMN) from 1973 to 1975; Director in the Development Policy Vice Presidency (VPD) from 1975 to 1979; Director in the Country Programs Department 1, Europe, Middle East, and North Africa Region (EM1DR) from 1979 to 1982; Vice President in the East Asia and Pacific Region (AENVP) from 1983 to 1987; Vice President in the Asia Region (ASIVP) from 1987 to 1991; and Managing Director (MDS) from 1991 to 1994. Karaosmanoglu retired from the World Bank in 1994.

Attila Karaosmanoglu passed away at the age of 81 in Istanbul, Turkey on November 10, 2013.