The T-64BV is armed with a 125 mm 2A46M-1 smoothbore gun. One 7.62mm coaxial machine gun is mounted to the right side of the main armament. A 12.7mm NSVT machine gun is mounted on the top of the commander hatch which can be aimed and fired from within the tank. Two banks of four smoke grenade dischargers are mounted to the left side of the turret. The T-64B's 125 mm cannon can also fire the anti-tank guided missile AT-8 Songster, Russian designation 9K112-1 Kobra. The AT-8 `Songster' could be used to engage heavily armored vehicles at a maximum distance of 4,000 m. The AT-8 `Songster' has a single HEAT warhead and can probably penetrate at least 600 mm of steel armor but cannot penetrate Chobham-type and explosive reactive armor. The T-64BV can fire a maximum of four AT-8 `Songsters' per minute. A T-64B normally carries six AT-8 `Songsters' plus 36 rounds (projectile and charge) of 125 mm ammunition.

The layout of the T-64BV is very similar to the Russian-made main battle tank T-72 with the driver at the front, fighting in the center, and the power pack at the rear. The T-64BV is fitted with the Kontakt-1 reactive armor which covers the glacis plate, the forward part of the turret front, sides and roof, and hull sides extending to the five roadwheels.