He was the son of Sir John Wood, 1st Baronet, of Bonyngtoun in Forfarshire, by his wife Anne, daughter of James Ogilvy, 2nd Earl of Airlie.
He was commissioned into the army of the States-General of the Netherlands on 31 December 1688, and served for many years, including as Governor of Dendermonde and later as a major in Strathnaver's regiment.
Wood succeeded to the baronetcy in January 1693 and was served heir to his father 10 August 1704.
On 22 February 1731 he married Anne, daughter of Edward Jones, the Master of the Royal Vineyard in St James's Park.
They had no sons, so on Wood's death (variously given as 23 February, 3 May and 18 May 1738) the baronetcy became extinct.