Price is an Zimbabwean citizen but was born in Durban, South Africa. His early life was spent in Zimbabwe, a time that included a stint in the army during that country's civil war. His parents were originally English. He began his professional golf career in 1977 on the Southern Africa Tour, before moving to the European Tour and finally the PGA TOUR in 1983. He now lives in Florida.

After a promising start, with a victory in his first year in the USA, his career faded somewhat before an impressive comeback at the beginning of the nineties.

By the mid-nineties Price was regarded as the best player in the world, and in 1994 he won two majors back-to-back, The Open and the PGA Championship, adding to his first major (also the PGA Championship) from 1992. He topped the PGA Tour money list in 1993 and 1994, setting a new earnings record each time, and spent 43 weeks at number 1 in the Official World Golf Rankings. He was inducted into the World Golf Hall of Fame in 2003.

Although Price continues to play professionally, he has expanded into golf design with his own company operating out of Florida, and he has his own line of signature golf apparel. Price is widely regarded by fans, media and his fellow players as one of the most personable golfers on the PGA TOUR.

In 1993 and 1997, Price was awarded the Vardon Trophy; this award is given annually by the PGA of America to the tour player with the lowest adjusted scoring average with a minimum of 60 rounds. In 2005, he was voted the Bob Jones Award, the highest honor given by the United States Golf Association in recognition of distinguished sportsmanship in golf.