Philip was born at Eisenberg Castle[1][note 1] on 25 November 1613[1][2][3][4] as the second son of Count Christian of Waldeck-Wildungen and his wife Countess Elisabeth of Nassau-Siegen.

[1][5] As the eldest surviving son Philip succeeded his father early 1638,[2][3][6] while his younger brother John II became Count of Waldeck-Landau [nl].

[6] An important and, as it turned out, fatal event during Philip's reign was the time when Swedish troops were encamped in Wildungen.

The commander-in-chief, Johan Banér, had marched to the city in August 1640 with about 70,000 men, while not far from there the imperial troops under Archduke Leopold William and Ottavio Piccolomini were encamped in Fritzlar.

[6] On 24 February 1645, at the Battle of Jankov in Bohemia,[1][2][3][4][7] where the Bavarian and imperial troops were defeated by the Swedish general Lennart Torstenson, the 31-year-old Philip was taken prisoner and – against the law of war – executed.