His siblings were Karl Mayreder (1856–1935), also a prominent Austrian architect; and Rudolf (1865–1937), a lawyer, civil engineer, and contractor.

From 1878 to 1880, Mayreder studied at the Technical University in Vienna, but left after two years to pursue greater artistic freedom.

Between 1883 and 1886, he studied at the Academy of Fine Arts Vienna (Akademie der bildenden Künste) under Friedrich von Schmidt.

In 1887, he traveled in Greece, Constantinople, Italy, Germany, and France on a Prix de Rome scholarship, awarded to promising arts students.

Mayreder began work in the offices of the architects Victor Luntz and Adolf Lang (in Budapest) in 1888.