He was the sixth but third surviving son of Ernst I, Duke of Saxe-Coburg-Altenburg and Elisabeth Sophie of Saxe-Altenburg.

After the death of his father, in 1675, the duchy was jointly governed by him and his brothers; but the duchy was divided five years later (in 1680); as a result of this divisionary treaty, Bernhard received Meiningen, Wasungen, Salzungen, Untermassfeld, Frauenbreitungen and Ichtershausen.

The residence was finished in 1692 and was called Schloss Elisabethenburg, in honor of Bernhard's second wife.

The sales of chamber goods and the additional charge of taxes to the population were the result.

He married in Schloss Friedenstein, Gotha, on 20 November 1671 Marie Hedwig of Hesse-Darmstadt.