We study group gradings on the Albert algebra and on the exceptional simple
Lie algebra $\frak{f}_4$ over algebraically closed fields of characteristic
zero. The immediate precedent of this work is [Draper, C. and Martin, C.:
Gradings on $\frak{g}_2$. Linear Algebra Appl. 418 (2006), no. 1, 85-111]
where we described (up to equivalence) all the gradings on the exceptional
simple Lie algebra $\frak{g}_2$. In the cases of the Albert algebra and
$\frak{f}_4$, we look for the nontoral gradings finding that there are only
eight nontoral nonequivalent gradings on the Albert algebra (three of them
being fine) and nine on $\frak{f}_4$ (also three of them fine).