Born in Hampstead, London, Hill was one of two sons of stockbroker Norman Herbert Devereux Hill. He attended Hendon Technical College and joined Smiths Instruments as an apprentice engineer before serving as an Engine Room Artificer (ERA) on the light cruiser HMS Swiftsure in the Royal Navy, rising to the rank of petty officer. After leaving the navy, he returned to Smiths Instruments.
Hill did not pass his driving test until he was 24 years old. He began racing in Formula Three at age 25, having initially joined Team Lotus as a mechanic before earning a driving debut at the 1958 Monaco Grand Prix. He secured a full-time contract with Lotus, but experienced non-classified championship finishes in 1958 and 1959. He moved to BRM in 1960, scoring his maiden podium at the Dutch Grand Prix.
BRM fielded the competitive P57 in 1962, with Hill taking his maiden victory at the season-opening Dutch Grand Prix and winning three further Grands Prix to secure his maiden title, beating Jim Clark and Bruce McLaren. He finished runner-up to Clark in 1963, before losing the 1964 title by one point to John Surtees. Hill took multiple wins in 1965, finishing runner-up to Clark once more. After a winless 1966 campaign, Hill returned to Lotus to partner Clark. Helping develop the Lotus 49 for the new Cosworth DFV engines, Hill struggled with reliability throughout 1967, with podiums in Monaco and the United States. Following Clark’s death at the season opener in 1968, Hill won the championship at the final race of the season. In 1969, Hill became a five-time winner of the Monaco Grand Prix, a record he held for 24 years.
During the 1969 United States Grand Prix, Hill was seriously injured in a crash, breaking both of his legs and ending his season prematurely. After recovering, he returned as a privateer in 1970 before competing with Brabham for two further seasons, where he won the non-championship BRDC International Trophy in 1971. Hill founded and competed for Embassy Hill from 1973 to 1975, retiring from motor racing after the Monaco Grand Prix to focus on team ownership and supporting his protégé Tony Brise.
Outside Formula One, Hill entered the 24 Hours of Le Mans ten times between 1958 and 1972, winning in 1972 alongside Henri Pescarolo in the Matra-Simca MS670. He also entered the Indianapolis 500 three times from 1966 to 1968, winning the Borg-Warner Trophy at his first attempt. Hill competed in the British Saloon Car Championship, topping his class in 1963, and entered six seasons of the Tasman Series, finishing runner-up to Jackie Stewart in 1966.
Hill was appointed Officer of the Order of the British Empire (OBE) in 1968 for services to motor racing and inducted into the International Motorsports Hall of Fame in 1990. He was also involved with four films between 1966 and 1974, including appearances in Grand Prix and Caravan to Vaccarès.
On 29 November 1975, Hill and five other Embassy Hill executives, including Brise, were killed when the Piper PA-23 Aztec aircraft Hill was piloting crashed in low-visibility conditions near Arkley, London, whilst returning from a test session at the Circuit Paul Ricard. The investigation into the crash was inconclusive, but pilot error was deemed the most likely explanation. His son, Damon Hill, went on to win the World Drivers' Championship in 1996, becoming the first father-and-son World Drivers' Champions.