Revson was born in New York City. His father Martin had been a founding partner of Revlon cosmetics alongside his brother Charles Revson, who became the controlling force of the company. Peter's middle name, Revlon, was a direct nod to the family business. Despite the wealthy background, Revson's family withdrew financial support when he committed to racing full time in the early 1960s, leaving him to fund early campaigns from savings and education funds.
He attended Columbia University, Cornell University, and the University of Hawaii without completing a degree. In 1960, while at Hawaii, he bought a Morgan and entered his first race, finishing second, then winning his next outing. He competed in Formula Junior in 1962 alongside friends including Timmy Mayer, managed by Teddy Mayer under the Rev-Em Racing banner.
In 1963, Revson moved to the United Kingdom, bought a Formula Junior Cooper, and began barnstorming across mainland Europe, winning against future stars including Denny Hulme and Jochen Rindt. Reg Parnell offered him a seat on his F1 team for 1964.
Revson's 1964 Formula One season with Reg Parnell Racing produced little: the Lotus 24 cars were uncompetitive, Parnell died, and Revson completed only two of his four World Championship starts, with a best finish of 13th at the Italian Grand Prix. He shifted focus to North American racing for much of the next several years, building a reputation in Can-Am, Trans-Am, and USAC events.
At the 1969 Indianapolis 500 he qualified in 33rd and last on the grid but finished fifth in an underpowered Brabham BT25. His result at Indianapolis Raceway Park later that season — a win in the second heat — earned him a McLaren seat at the 1970 Indianapolis 500. That same 1970 season he co-drove a Porsche 908/02 with Steve McQueen at Sebring, finishing second overall, driving the majority of the race.
The 1971 season was his breakthrough. He qualified on pole for the Indianapolis 500 in a McLaren M16, finished second to Al Unser, and then won the Can-Am championship in a McLaren M8F, taking five wins and three other podiums in ten races.
Success in 1971 brought Revson a full McLaren Formula One drive for 1972, alongside Denny Hulme under team manager Teddy Mayer — a long-time friend. In 1972 he finished fifth in the World Championship, recording four podiums including a second place at the Canadian Grand Prix.
In 1973 he won two Grands Prix: the British Grand Prix and the Canadian Grand Prix, both in the McLaren M23. He added two further podiums, finishing fifth in the championship. Despite these results, Mayer chose not to renew Revson's contract, signing 1972 champion Emerson Fittipaldi for 1974.
Revson and Hulme formed a genuine friendship, racing together in both Formula One and Can-Am. His departure from McLaren at the end of 1973 meant the end of that partnership.
For 1974 Revson signed with the Shadow Racing Cars team, driving the new Shadow DN3. He retired from the Argentine Grand Prix after an accident and from the Brazilian Grand Prix due to engine overheating.
On 22 March 1974, during a test session at Kyalami ahead of the South African Grand Prix, Revson's DN3 suffered a front suspension failure. A ball joint, machined in titanium with insufficiently polished surfaces, fractured. The car crashed heavily into the Armco barrier at Barbecue Bend, stood on its nose, wrapped around the barrier, and caught fire. Revson was pulled from the wreckage but was already dead. He was 35.
The accident claimed the second Revson to die racing: his younger brother Douglas had been killed in a crash in Denmark in 1967. Shadow designer Tony Southgate later acknowledged that the coarse machining on the titanium ball joint was a direct cause of failure, and replaced all titanium suspension components with steel before the next race. Revson's autobiography Speed with Style was published posthumously in 1974.
Revson was inducted into the Motorsports Hall of Fame of America in 1996. He remains one of the most versatile American racing drivers of the early 1970s, achieving top-level victories across an unusually wide range of formulae and disciplines within a relatively brief career span.