Philip Louis was the youngest son of Duke Alexander of Schleswig-Holstein-Sonderburg (1573–1627) from his marriage to Dorothea (1579–1639), daughter of Count John Günther I of Schwarzburg-Sondershausen.

Initially, it appeared to be a failure, but in the 1670s he made large profits and became a wealthy mining entrepreneur.

He lived until his death on 10 March 1689 with his old friend Veit Hans Schnorr von Carolsfeld in Schneeberg.

The marriage produced two children: He married his second wife, Anna Margaret (1629–1686), daughter of Count Frederick I of Hesse-Homburg on 5 May 1650 in Bad Homburg.

With her he had the following children: He married for the third time in Greiz on 28 July 1688 Christine Magdalene (1652–1697), daughter of Count Henry I of Reuss to Obergreiz.