Hereditary Prince Peter was born 5 February 1980 in Chicago, Illinois. He is the eldest son of HRH Crown Prince Alexander and HIRH Princess Maria da Gloria of Orleans and Bragança. Prince Peter is the grandson of HM King Peter II and HM Queen Alexandra. His Godfather is HRH Prince Alexander of Yugoslavia, son of HRH Prince Regent Paul of Yugoslavia.

HRH Hereditary Prince Peter lived in Chicago until the end of 1981, when he moved with his parents to Virginia. In 1983, he first attended morning pre-school in Tyson's Corner, Virginia, following this he went to day school. In 1988 at the age of eight, he attended one of London's top preparatory day schools.

In June 1998, he graduated from The King's School Canterbury in England having obtained three "A" level's in Art, Spanish and French, and ten GCSE's (General Certificate of Secondary Education).

In 1999, Prince Peter completed in London an art foundation course at Camberwell College of Arts (London Institute). In May 2000, Prince Peter completed a series of art programmes on the European continent mainly in Barcelona and Seville. Prince Peter spent a year at Rhode Island School of Design (RISD) on the East Coast of the United States. He is currently working in the field of graphic design and computer technology in New York.

Prince Peter speaks English, Spanish and French, and is continuing with his Serbian studies.

Prior to the 5 October 2000 revolution, Prince Peter travelled to Serbia in 1991 and in July 2000. On 17 July 2001 Prince Peter and The Royal Family took up residence in The Royal Palace in Belgrade. He has travelled throughout Europe, the United States, and has visited the Middle East, South East Asia, Central and South America.