The main reason for the improvements in facing leukaemia is "the development of new treatments, combined with good levels of recruitment to UK clinical trials", according to the research's lead author.
Dr Anjali Shah, from the London School of Hygiene & Tropical Medicine and the University of Oxford, added:
The brighter outlook for young leukaemia sufferers is because they tend to have types of the disease which are easier to treat with chemotherapy.
Younger people can also generally be given more intense treatment, and the short-term side effects can now be managed effectively.
Around 2,500 people are diagnosed with acute myeloid leukaemia (AML) in the UK each year.
The risk of developing it increases with age and it is most common in people over 65 years old.
Nearly half of teenagers and young adults with a typically aggressive form of leukaemia are cured thanks to improvements in treatment and care, according to research.
The cure rate for 15 to 24-year-olds diagnosed with acute myeloid leukaemia (AML) in 2006 is estimated at 48%, six times the rate in 1975, which was just 8%.
The research, which was published in the British Journal of Haematology, said similarly large improvements are estimated for older patients, right through to those in their fifties.
But older patients today still have poor survival - only 13% of patients diagnosed in 2006 aged 60-69 are predicted to be cured, and this drops to less than 5% of those aged 70 and over.
The research was led by the London School of Hygiene & Tropical Medicine and co-funded by Cancer Research UK and the Laura Crane Youth Cancer Trust.
Kate Law, Cancer Research UK's director of clinical research, added:
Chief investigator Professor Alan Burnett, from Cardiff Universitys School of Medicine, commented on the findings:
The results of the trial into a new type of smart drug given to Acute Myeloid Leukaemia patients show that GO treatment could improve the effectiveness of chemotherapy without excessively increasing side effects, according to the study.
The study, published in the Journal of Clinical Oncology, said that this may provide a potential lifeline for older AML patients who are often too frail to tolerate more intensive chemotherapy regimes.
Acute Myeloid Leukaemia patients given a new type of smart drug in addition to chemotherapy treatment are 22 percent less likely to relapse and around 13 percent less likely to die from their disease, according to a study released today.
The results from the major phase III Cancer Research UK-funded trial led by Cardiff University and trialled by 1,115 patients, found that 68 percent of people relapsed on the new treatment within three years, compared with 76 percent of those who had only had the standard treatment.
25 percent of those tested were still alive after three years, compared with 20 per cent of those who had the standard treatment.
The drug - called Gemtuzumab Ozogamicin (GO)* - is part of a new class of antibody conjugate drugs, which involve attaching chemotherapy molecules to antibodies.
Messages of support from Petrov's current and former teammates have poured in after the Aston Villa captain was diagnosed with Acute Leukaemia.