He was born in 1830, the eldest son of Shrimant Sardar Bapu Sahib Holkar.

Marthand Rao was installed on the throne (gaddi) at Indore on 17 January 1834.

The adoption, however, was not acceptable to the people, who regarded it as Gautama Bai's device for retaining power.

The strong opposition of the public on 2 February 1834, led to the succession of Hari Rao Holkar.

Subsequently, Marthand Rao was sent to the Deccan Plateau, where he was confined until his death at Poona on 2 June 1849.