Rakesh Bedi was born on 1 December 1954 in New Delhi and studied at Kendriya Vidyalaya, Andrewsganj, where he actively participated in mono-acting competitions.

He trained at the National School of Drama (NSD) in Delhi, which gave him a strong foundation in theatre before entering films.

His film career began in the late 1970s with appearances in movies like Chhoti Si Baat (1976), Chitchor (1976), and Khatta Meetha (1978), before gaining recognition in Chashme Buddoor (1981).

He made his official Hindi film debut in Hamare Tumhare (1979), playing the role of Sunil.

Apart from Hindi cinema, he has also acted in regional films, including Marathi (One Room Kitchen, 2011) and Gujarati (Kevi Rite Jaish, 2012).

On television, he became a pioneer of Indian sitcoms with Yeh Jo Hai Zindagi (1984), one of the earliest comedy shows on Doordarshan.

He has worked across multiple mediums—film, theatre, television, and web series—including F.A.T.H.E.R.S. (2017) on TVF Play.

In recognition of his contribution to the arts, he received an Honorary Doctorate from Victoria Global University in 2017.

He was awarded the Best Actor Award in 2021 for the Hindi short film Mera Number Kab Ayega at the NEXGN International Short Film Festival.

In 2022, he was honored with a Lifetime Achievement Award from the Mumbai Theatre Festival.

Though best known for his comic timing, he surprised audiences with his dramatic performance in the 2025 film Dhurandhar, which earned him critical acclaim.