Peter was born in Chelsea on 5 October 1916. He was the second of the three sons of Edward Frederick Lindley Wood and his wife, Lady Dorothy Onslow. His paternal grandfather was the 2nd Viscount Halifax, the title to which his father succeeded as well as being created The 1st Earl of Halifax in his own right. His mother was a daughter of the Earl of Onslow.

Peter’s father was a Conservative politician serving as Viceroy of India from 1926 to 1931. He was elected Chancellor of Oxford University in 1933 and inherited his father’s title the following year. He was Foreign Secretary during the Munich Crisis until late 1940. He was Ambassador to the United States from 1941 until 1946. After Peter’s death in 1942, he had wished to resign but was prevailed upon by Winston Churchill, to remain in Washington.

On 12 March 1926, he sailed from London with his six-year-old brother, Richard, for India. They were accompanied by their nurse, Miss Maud Garwood aged 41 and a tutor from St. Cyprian’s School, Eastbourne, Richard Leslie Wilkes aged 22.

Peter was educated at Eton where he was Master of the Beagles for the 1933-34 season. He Matriculated in 1934. He followed his father to Christ Church. He played cricket for the college and was Master of the Christ Church Beagles. He graduated with a 3rd in History in 1938.

After graduating, he became a partner in the firm of G. Langley-Taylor & Partners, architects of Beaconsfield and Hare Court, Temple.

He had been in the Eton College Cadets and was commissioned as a Second Lieutenant in the Yorkshire Dragoons Yeomanry (Queen's Own) on 9 November 1935. He was mobilised on 24 October 1939 and promoted Lieutenant on 3 January 1940 and acting Captain on the following 22 September.

He fought in the Middle East and was Officer Commanding, "D" Squadron, The Yorkshire Dragoons Yeomanry (Queen's Own) when he was killed on 26 October 1942, having been promoted to Major.

He is commemorated on Column 29 on the Alamein Memorial and in All Saints Church at Kirby Underdale.