He was a son of Prince William of Schaumburg-Lippe by his wife, Princess Bathildis of Anhalt-Dessau.

Frederick was born at Ratiboritz Castle, Bohemia (now Ratibořice Castle, Czech Republic), the third child and second son of Prince William of Schaumburg-Lippe (1834–1906), (son of George William, Prince of Schaumburg-Lippe and Princess Ida of Waldeck and Pyrmont) and his wife, Princess Bathildis of Anhalt-Dessau (1837–1902), (daughter of Prince Frederick Augustus of Anhalt-Dessau and Princess Marie Luise Charlotte of Hesse-Kassel).

Frederick married first on 5 May 1896 at Amalienborg Palace in Copenhagen to Princess Louise of Denmark, daughter of Crown Prince Frederick of Denmark, and his wife, Princess Louise of Sweden.

Princess Louise died at Ratiboritz Castle on 4 April 1906.

Frederick and Louise had three children: Frederick married a second time on 26 May 1909 at Dessau to Princess Antoinette of Anhalt, daughter of Leopold, Hereditary Prince of Anhalt and his wife, Princess Elisabeth of Hesse-Kassel.