Peter Obi was born in Onitsha, Anambra State, part of Southeastern Nigeria. He was born to devout Christian family of Igbo descent. Obi attended Christ the King College, Onitsha, where he completed his secondary school education. In 1980, he was admitted to the University of Nigeria, Nsukka, where he graduated with B.A. (Hons) in Philosophy in 1984.

Peter Obi is a businessman who has held several leadership positions in private establishments in Nigeria. He has served Next International Nigeria Ltd. He became the Chairman and Director of Guardian Express Mortgage Bank, Guardian Express Bank Plc, Future View Securities Ltd, Paymaster Nigeria Ltd, Chams Nigeria Ltd, Data Corp Ltd and Card Centre Ltd. He was regarded as the youngest chairman of Fidelity Bank Nigeria.

Peter Obi served as the Governor of Anambra State from June 2007 to March 2014. He has previously held the position from March to November 2006 and February to May 2007.

Peter Obi was the Labour Party candidate for President of Nigeria in the 2023 presidential election.