Oilers general manager Steve Tambellini wasted little time once he reached the microphone to end the suspense.
The Russian right wing has scored 80 goals and 90 assists in 107 games with Sarnia. He will turn 19 on Oct. 6.
The five-foot-10, 189-pound forward suffered a concussion this season after recording 101 points in his rookie campaign with the Sting.
At the most recent world championships for Russia, he finished with no goals and nine assists in seven games.
Edmonton has chosen first for three consecutive years, with Yakupov following left wing Taylor Hall in 2010 and centre Ryan Nugent-Hopkins last year.
Yakupov is the sixth consecutive forward taken first overall in the NHL Draft and the first Russian at the top since Washington selected Alexander Ovechkin in 2004.