He was born in Rudolstadt the son of Prince Albert of Schwarzburg-Rudolstadt and his wife Princess Augusta of Solms-Braunfels (1804–1865).

Following the death of his uncle Friedrich Günther on 28 June 1867, his father Albert ascended the throne thereby making Georg the heir apparent with the title Hereditary Prince.

His father died on 26 November 1869, two years after ascending the throne, with Georg becoming the new sovereign prince.

She broke off the engagement to marry Grand Duke Vladimir Alexandrovich of Russia.

After that, he never married and following his death in Rudolstadt he was succeeded as prince by his first cousin once removed Günther.