Stepovy was born Yakiv Yakymenko (Akimenko) in Kharkiv, in the Russian Empire (in present-day Ukraine). Stepovy's older brother, Theodore Akimenko [fr]), was also a composer.[1] Stepovy was a representative of the Ukrainian musical intelligentsia of the 20th century. He was one of the founders of the national school of composition and composed in the tradition of Mykola Lysenko.[2]
During World War I, Stepovy was recruited to the military, where he worked as a secretary on a hospital train.[3] He served in the military for almost three years, until he managed to get released in April 1917.[4] After this he settled in Kyiv where he worked as a teacher at the Kyiv Conservatory and a musical critic.[2]
He was a master at choral and piano works, the author of music collections for children, teacher of the Kyiv Conservatory and founder of the State vocal quartet.[1]