In the present paper, which is a mathematical follow-up of [16] taking inspiration from [11], we present an abstract formulation of exact renormalization group (RG) in the framework of Batalin-Vilkovisky (BV) algebra theory.In the first part, we work out a general algebraic and geometrical theory of BV algebras, canonical maps, flows and flow stabilizers. In the second part, relying on this formalism, we build a BV algebraic theory of the RG. In line with the graded geometric outlook of our approach, we adjoin the RG scale with an odd parameter and analyse in depth the implications of the resulting RG supersymmetry and find that the RG equation (RGE) takes Polchinski's form [3]. Finally, we study abstract purely algebraic odd symplectic free models of RG flow and effective action (EA) and the perturbation theory thereof to illustrate and exemplify the general theory.MSC: 81T13 81T20 81T45