He was the son of Count Wolrad IV of Waldeck-Eisenberg and his wife Anna of Baden-Durlach, heir to the Lordship of Cuylenburg in today's Netherlands.

His daughter Countess Amalia Katharina of Waldeck-Eisenberg married George Louis I, Count of Erbach-Erbach.

From the inheritance claims of his mother's, Philip Dietrich received the Lordships of Kinsweiler, Engelsdorf, Frechen and Bachem in the Eifel area.

He made several journeys to France and served in the Dutch army for a long time.

He fought a protracted legal battle about his mother's claims in the Eiffel.