Faleti was born in Agbo-Oye, Oyo State, though lived in Obananko, Kuranga, near Oyo State. Adebayo Faleti was the first son of his father, Joseph Akanbi Faleti and the only child of his mother, Durowade Ayinke Faleti. Alagba Faleti has always had a passion for drama from an early age.His parents could not fund his education to pursue his dreams due to lack of income, so he decided to put his primary education on hold.

Later, he gathered a couple of interested colleagues and started his own successful theatre group, named Oyo Youth Operatic Society (founded in 1949). Faleti later found his way back to school by getting a job in a primary school, in which he worked for six years to raise enough funds for his secondary schooling with the financial support of his father. In 1966, he attended the University of Dakar in Senegal and obtained a Certificate of proficiency in French Language and Civilization.

Two years later, he graduated from the University of Ibadan, Nigeria, with an honors degree in Lit-in-English. In 1971, he attended the Radio Netherlands Training Center in Hilversum, the Netherlands, and received a certificate in Television Production..

Faleti’s wife was Olori Olubunmi Faleti, a retired broadcaster and television host at the Nigerian Television Authority (NTA), Ibadan. He had children, grandchildren and great-grandchildren. Faleti died on July 23, 2017, after observing a brief morning devotion with his family at his Ojoo residence in Ibadan.

Faleti has written, produced and acted in several popular Yoruba plays.He is also known for his poems. He was the first school teacher at Ife Odan, located near Ejigbo Town in Osun State.

He was also the General Manager of the Broadcasting Corporation of Oyo State (BCOS), which is also known as Radio OYO, Ibadan. In 1959, he worked at Western Nigerian Television (WNTV), now known as NTA Ibadan, as a film editor and a librarian