Pyotr Struve was born into the noble family of the Governor of Perm. He graduated from the Law faculty of St. Petersburg University (1895), while studying at the university he founded a Marxist circle. He pursued legal marxism. He took part in the 4th Congress of the 2nd International in London (1896). Struve was the author of the Manifesto of the Russian Social Democratic Labour Party (1898). Along with Vladimir Ulyanov (Lenin), Struve had a reputation as a leader of Marxism in Russia among social democrats of the 1890s. Later, he switched to liberal positions.

Struve was the founder and editor-in-chief of the Osvobozhdeniye [Liberation] magazine (1902–1905). In 1905, he became a member of the Central Committee of the Constitutional Democratic Party (Kadets). In 1906–1917, Struve taught political economy at the Polytechnic Institute, held a post of professor. An MP of the 2nd State Duma (1907). He was the editor of the magazine Russkaya Mysl [Russian Thought]. In 1909, he took part in the publication of Vekhi [Landmarks], a collection of essays about the Russian intelligentsia. In June 1915, Struve left the Central Committee of the Kadet Party. He held the post of Chairman of the Special Interdepartmental Committee for Limiting the Supply and Trade of the Enemy and visited England and France as such.

After the February Revolution of 1917, Struve was appointed Director of the Economics Department of the Ministry of Foreign Affairs of the Provisional Government. In May 1917, he resigned together with the Minister of Foreign Affairs Pavel Milyukov. In August 1917, he supported General Lavr Kornilov affair.

He left for the Don, participated in the formation of the Volunteer Army, became a member of the Don Civil Council. Early 1918 saw him return to Moscow, where in March he joined the Right Center. After its split he became a leader of All-Russian National Center. He was sent to Arkhangelsk to establish connections with the Entente representatives. In December, Struve illegally crossed the border with Finland and met Nikolay Yudenich to discuss cooperation. Then, he proceeded to London and Paris, where he campaigned for the White movement and was engaged in fundraising, keeping in touch with Aleksander Kolchak and Anton Denikin. In October 1919, he arrived in Rostov-on-Don, where he headed the publication of the newspaper Velikaya Rossiya [Great Russia] and took part in the Special meeting under the Commander-in-Chief of the Armed Forces of the South of Russia (AFSR) Anton Denikin.

Since February 1920, after the defeat of the AFSR, Struve was the Head of the Foreign Affairs Department in the government of General Pyotr Wrangel, the Government of the South of Russia. In 1921, he was sent to France to negotiate the provision of military assistance, achieved recognition of Wrangel’s government by France. He finally left Russia, lived with his family in Prague, Paris, Belgrade. In 1941, he was arrested, then released by the Nazis. On February 26, 1944, Struve died in Paris. He was buried in the Sainte-Geneviève-des-Bois cemetery.