Born in Rutherford County, North Carolina, he struggled to help look after his family when his father passed away. At age 17, he moved to Washington, DC where he eventually worked for Mercury Records and then in 1955 went to ABC-Paramount.
Using his life savings, in September of 1958, he started the Monument Record Company (so named after the Washington Mounument in DC) where he remained active until 1983. Although running what was basically a country music record label, Foster is credited with the development of Rock and Roll legend Roy Orbison's career.
Amongst the son's for which he is noted, Fred Foster co-wrote Me and Bobby McGee which was a very big hit for Kris Kristofferson and Janis Joplin.