The son of Sir Henry Holland, 1st Baronet, a prominent physician, Knutsford was educated at Harrow School, Durham University, and Trinity College, Cambridge, and took his degree in 1847.

In 1870 Knutsford became assistant colonial undersecretary, serving until 1874, and in 1873, having succeeded his father as 2nd Baronet, he was elected to the House of Commons as a Conservative.

In Lord Salisbury's first administration (1885–1886), Knutsford served as Financial Secretary to the Treasury and then as Vice President of the Committee of Council on Education.

The association mobilized detachments serving in South Africa during the Second Boer War (1899–1902), with Lord Knutsford raising support for the work.

On 25 November 1858, Holland married Margaret Jean Trevelyan (1835–1906), by whom he had a daughter and three sons: Lady Knutsford was also involved with the St John Ambulance Association, and in July 1902 received an Award for conspicuous service for her work as Chairman of the Special Committee formed to despatch medical comforts to the Brigade units during the Second Boer War.