Lord Waldegrave was educated at Eton College, Corpus Christi College, Oxford, and Harvard.

After a spell working in industry, he was elected to the House of Commons as Member of Parliament for Bristol West in 1979. He was made a Minister in 1981, and served continuously in 1997, including terms as Minister of State at the Department of the Environment, and at the Foreign Office. At Cabinet level he served as Secretary of State for Health, Chancellor of the Duchy of Lancaster, Minister of Agriculture, and Chief Secretary to the Treasury.

After losing his Commons seat in 1997, he entered the House of Lords as Baron Waldegrave of North Hill. He is currently Provost of Eton College, and owns a dairy farming business in Somerset. He is married to Caroline Waldegrave, and they have four children.