Gomez was born in a poor area of Las Monjas in San Juan. He has admitted to newspapers that, as a little child, he had to fight off bullies on Las Monjas' streets. He has told some Puerto Rican newspapers that he felt he was born to fight because of that situation. Gomez's father was a taxi driver and his mother was a homemaker. Gomez himself reportedly used a bicycle as means of transportation when he was young, and he sold candy to earn pocket money before becoming a professional boxer.

Gomez won the gold medal at the 1972 Central American and Caribbean Games held in Santo Domingo, Dominican Republic, and the world amateur championship in 1974 in Havana before turning professional. He also competed in the 1972 Olympic Games in Munich, Germany, getting eliminated by an Egyptain rival in the Olympic's first round of bouts. He compiled an overall record of 96 wins and 3 defeats as an amateur boxer. Because of his family's economical situation, he decided not to wait for the 1976 Olympic Games in Montreal, Canada, opting to begin making money right after the Cuban competition instead. Coming from Puerto Rico, he settled for less money and exposure from the American media, and moved to Costa Rica, where he began to tour all of Central America in hopes of finding matches. His professional debut came in Panama City, Panama, where he fought to a draw with Jacinto Fuentes. After this un-auspicious debut, he reeled off a streak of 32 knockout wins in a row, including wins over Fuentes, who was dispatched in 2 rounds in a rematch, and future world champion Alberto Davila, who lasted 9 rounds before being defeated. His 32 knockout wins in a row make him the world champion with the longest knockout streak in history, placing him in third place behind Lamar Parks (44) and Billy Fox (43) for the all-time knockout streak. Among world champions, Gomez had the longest knockout winning streak; neither Parks nor Fox won world titles.

Gomez's knockout streak caught the eye of the World Junior Featherweight champion Dong Hyung Yen, who travelled to San Juan, Puerto Rico to defend his crown against Gomez. Yen had a promising start, dropping Gomez 30 seconds into the bout, but Gomez picked himself up and eventually won the crown, his first world title, with a 12th round knockout. His first defense took him to the Far East, where he beat former world champion Royal Kobayashi in 3 rounds in Tokyo. Kobayashi had lasted 5 rounds vs Alexis Arguello and 10 rounds vs Roberto Duran when Duran was a Featherweight. Next was Ryu Tomonari in a small city of Thailand. He lasted 2 rounds.

Gomez's streak reached 32 knockouts in a row. Those 32 knockouts in a row included what is generally considered to be his biggest victory ever, a five round defeat of World Bantamweight champion Carlos Zarate, who was 55-0 with 54 knockout wins coming into their San Juan bout. Also included in that streak was future world champion Leo Cruz, beaten in 13 rounds at San Juan. After recording his 32rd. knockout win in a row, he moved up in weight to face the world Featherweight champion Salvador Sanchez of Mexico. Not realizing Sanchez was the defending champion for this bout, Gomez undertrained and lost the bout by a knockout in 8 rounds in Las Vegas, and later said he had learned never underestimate a foe as a result.

Hoping to get a rematch with Sanchez, Gomez went back to the Junior Featherweight division, where he got a dispense from the WBC to make 2 preparation bouts before defending his title again. He did so and won 2 non title bouts in a row , both by knockout in the 2nd round, one over Jose Luis Soto, who was a stablemate of Julio Cesar Chavez back in Culiacan, Mexico. Wins over future world champ Juan 'Kid' Meza, knocked out in six in Atlantic City, and Juan Antonio Lopez, knocked out in ten as part of the Larry Holmes vs. Gerry Cooney undercard followed, but all chances of a rematch with Sanchez were dashed when Sanchez died tragically in a car crash outside Mexico City the morning of August 12th , 1982. Mexico's boxing fans and general public mourned their gone champion, and boxing fans across Latin America joined Mexico in their tragedy. Gomez, who was training to defend against Mexican Roberto Rubaldino only 5 days later, took a quick trip to Mexico to offer Sanchez flowers and then returned to Puerto Rico the same afternoon. He beat Rubaldino by knockout in 8 rounds and made 1 more title defense, against the Mexican bantamweight world champ Lupe Pintor in the Carnival of Champions in New Orleans, winning by knockout in 14 rounds. The Pintor contest was the only time a Gomez fight was showcased on HBO, which at the time exclusively showcased the largest boxing fights, much like the Pay Per View system does currently.

By the time he was done with the Junior Featherweights, Gomez had established a division record of 17 defenses, and a world record of most defenses in a row won by knockout, all his defenses finishing before the established distance limit.

He then re-tried winning the Featherweight title and this time, he achieved his dream, winning his second world title by dethroning Juan Laporte, a fellow Puerto Rican who had won the title left vacant after Sanchez died. He beat Laporte by a 12 round unanimous decision. This time, however, it didn't last that long. Ahead on all scorecards, Gomez was the victim of a rally by Azumah Nelson of Ghana who knocked him out in 11 exhilarating rounds in San Juan, December 8, 1984. Nelson himself became a future hall of famer by making a string of defenses in the Featherweights and becoming a 3 time world champion himself later. Nelson was inducted into boxing's Hall of Fame in 2004.

Gomez wanted either a rematch with Nelson or a shot at Junior Lightweight world champ Rocky Lockridge of New Jersey, whichever came first. Lockridge was first to offer Gomez a try, and the 2 battled a closely scored 15 round bout in San Juan, with Gomez being given a split 15 round decision, which many experts have said Lockridge deserved, but also which in the opinion of most who saw it life, was a justified decision.

This reign also came to an end quick, Gomez being handed his 3rd loss at the hands of young Alfredo Layne by knockout in 9 rounds. Layne lost the title in his own first defense to South Africa's Bryan Mitchell, and it became obvious Gomez's best years had gone by, so he retired after this fight.

Gomez tried a comeback in 1988 and 1989, but after winning 2 more bouts by knockout, he realized boxing wasn't in his heart anymore and retired for good. He later moved to Venezuela, where he ran into drug problems, causing him trouble with the law and spending some months in jail. He attended a rehabilitation center in Colombia. Gomez rebounded and is now back in Puerto Rico, where he has managed to stay off drugs, and he helped the legendary 3 time world champion Hector 'Macho' Camacho with the training of Camacho's son Hector Camacho Jr., who is a prospect in the Jr Welterweight division. In 1998, Gomez became a newborn Christian.

On May 18, 2003, Gomez returned to Panama, where he was received by Duran and Eusebio Pedroza, among others. In a message geared towards Panamanians, he expressed thanks to that country, calling it his second country and saying, among other things "I'm very motivated now that I will return to Puerto Rico, and no one should be surprised if I buy an apartment in Panama and move my family here". However, he bought a house in Kissimmee, Florida in 2006, and plans to move there by May of that year. (in Spanish). Gomez has three daughters (Jennifer, Maria Helena and Linselina) and one son (Wilfredo Jr.).

Gomez was featured alongside other Latin Americans such as Pele, Fidel Castro and Frida Kahlo on reggaeton singer Don Omar's 2006 video for his song, "Reggaeton Latino".

Gomez had a record of 44 win, 3 losses and 1 draw, with 42 knock out wins. In 1978, he was named Boxing Illustrated's fighter of the year. He is now a member of the International Boxing Hall of Fame. Bazooka: The Battles of Wilfredo Gomez was broadcast on HBO in April, 2004 as a telemovie about the life of Wilfredo Gomez.