Wood was born in London, England, and founded the series of concerts, traditionally associated with the Albert Hall but originally held at the Queen's Hall, in 1895. He acted as the principal conductor in the concerts, and is today remembered annually by the promenaders, who crown his bust with a laurel wreath on the Last Night of the Proms.
Wood also composed and arranged music, sometimes under the pseudonym "Paul Klenovsky". He was knighted in 1911 for his services to music.