Born at the Royal Alcazar in Madrid as Felipe de Borbón y Farnesio, he was the third child and second son of Philip V of Spain and his wife, Elisabeth Farnese.

The Duchy of Parma was ruined by many years of warfare, and in 1759 Philip named the able Frenchman Guillaume du Tillot as his minister to restore the economy.

Philip was an enlightened ruler who stimulated education and philosophy, attracting personalities like Étienne Bonnot de Condillac and Alexandre Deleyre.

Philip married his first cousin once removed Princess Louise Élisabeth of France in Alcalá de Henares, Spain on 25 October 1739.

Philip died unexpectedly on 18 July 1765 in Alessandria, Sardinia, after having accompanied his daughter Maria Luisa on her way to Genoa, where she sailed for Spain to marry Infante Charles.