Anglesey was the eldest son of Field Marshal Henry Paget, 1st Marquess of Anglesey and his first wife, Lady Caroline Elizabeth Villiers, third daughter of George Villiers, 4th Earl of Jersey.

In 1832 he was summoned to the House of Lords through a writ of acceleration in his father's junior title Baron Paget.

He also inherited 29,700 acres which gave an astronomical annual income of £110,000 per annum.

They had seven children: After his second wife's early death in March 1844, aged 28, Lord Anglesey married thirdly, Ellen Burnand, daughter of George Burnand and former wife of J. W. Bell, on 8 March 1860.

He died in Lambeth, London, aged 71, and was succeeded in the marquessate by his only son from his first marriage, Henry.