Yevtushenkov has master's degrees in chemistry (1973, from Mendeleev Chemical-Engineering Institute in Moscow) and economics (1980), and a PhD in economics (1986). Yevtushenkov worked as an Engineer at Karacharovo Plastics Works until 1982, and as chief Engineer and first deputy general Director of the Polymerbyt Scientific and Production Association until 1987, when he was appointed as the head of the Department of Science and Technology for the Moscow city government.
Yevtushenkov resigned in 1993 to establish Sistema.
Since 1995 he is the major shareholder and chairman of the board of the Russian investment holding company Sistema (together with another Top Managers such as Evgeny Novitsky). Sistema was an early shareholder in Russian mobile telecommunications pioneer VimpelCom, and sold its stake when the company was the first Russian company to list on the New York Stock Exchange in November 1996. Yevtushenkov took Sistema public in February 2005, in a $1.35 billion IPO that was Russia's largest ever at the time. Today Sistema is the largest shareholder in MTS, Russia's largest telecommunications company. Other major Sistema assets include children's goods retailer Detsky Mir, pulp and paper holding Segezha Group , Russia’s largest chain of private Health care clinics MEDSI etc.
In 2009, Sistema purchased oil and gas companies in the Republic of Bashkortostan. This would be the foundation of the oil and gas company Bashneft.
In September 2014 Russian investigators placed Yevtushenkov under house arrest, accusing him of money-laundering in connection with the acquisition of shares in oil Producer Bashneft. 72% of Bashneft's shares were owned by Sistema. Sistema said it considered the accusations baseless. In December 2014 as ruled by the Moscow Arbitration (Commercial) Court Bashneft was re-nationalised. Following the return of Bashneft to State ownership, in February 2015 the Moscow Arbitration Court awarded Yevtushenkov’s Sistema RUB 70.7 billion ($1.1 billion) in damages from the loss of Bashneft. And in January 2016, all the accusations against him in connection with the acquisition of Bashneft has been dismissed as it was found that no crime had been committed.