Born in Brooklyn, New York Chernow graduated with honors from Yale University and Cambridge University with degrees in English literature. He then began a career as a freelance journalist. From 1973 to 1982, he published more than 60 articles in national publications. In the mid-1980s, he began work at the Twentieth Century Fund, a think tank based in New York City, where he was director of financial policy studies.

His first book, The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance was published in 1990 and won the National Book Award for nonfiction. The book traced the history of four generations of the J.P. Morgan financial empire. The Warburgs, Chernow's 1993 account of the German-Jewish Warburg banking family, was awarded the Columbia Business School's George S. Eccles Prize for Excellence in Economic Writing. The book was named as one of the year's twelve best nonfiction books by the American Library Association and a Notable Book by The New York Times.

Chernow's 1997 collection of essays, The Death of the Banker, touched upon his earlier writings and chronicled "the decline and fall of the great financial dynasties and the triumph of the small investor."

In 1998 Chernow published his biography of John D. Rockefeller, Titan: The Life of John D. Rockefeller, Sr. The book reflected Chernow's continued interest in financial history, especially when shaped by compelling and influential individuals. The biography was selected by Time magazine and The New York Times as one of the year's ten best books.

In 2004, Chernow published his 832-page biography, Alexander Hamilton. The biography won the inaugural George Washington Book Prize for early American history.

The reviews in the major scholarly journals were favorable. Professor Stephen B. Presser of Northwestern University wrote:

Chernow's 800-page Washington: A Life is scheduled for release on October 5, 2010.

He is the president of PEN American Center, a writers' organization. Chernow's wife Valerie, a sociologist, died in 2006.