He grew up with fellow professional surfer, Joel Parkinson, in the Gold Coast/Northern Rivers region and attended Palm Beach Currumbin State High School together.

[4] Fanning received a wild card entry at the Rip Curl Pro at Bells Beach in 2001, winning one of Australia's leading contests.

He won the Santa Catarina Pro in Brazil on 6 November 2007 placing above Taj Burrow and Kelly Slater thereby clinching the 2007 ASP world title.

In 2009, Fanning reclaimed the ASP World Champion crown at the Pipeline reef break on Oahu's North Shore.

Although Fanning was eliminated by fellow Australian Dean Morrison in Round 4, his points lead from winning three of the last four events was enough to secure victory.

Fanning was in the water with Julian Wilson during the final when what was suspected to be a great white shark swam next to him and became entangled in his surfboard leash.

[10][11] A response team quickly rescued him from any further danger by scaring the shark away with a boat and picking up both Fanning and Wilson, who was still in the water nearby.

[17] Fanning was co-owner of Balter Brewing Company with Joel Parkinson, Josh Kerr and Bede Durbidge until its sale to Carlton & United Breweries in 2019.

[21][22] In 2017 Fanning was appointed an Officer of the Order of Australia for distinguished service to surfing as a professional competitor at the national and international level, and as a supporter of a range of charitable foundations.