Born in Szatmár County, Bakócz was the son of a wagoner and was adopted by his uncle, who trained him for the priesthood and whom he succeeded as rector of Tétel (1480).
Through the generosity of his same brother Valentine, he was able to pursue a thorough course of studies first in the town of Szatmár-Németi, then in Cracow, Poland, and finally in the Italian cities of Ferrara and Padua.
Under Vladislaus II of Bohemia and Hungary (1490–1516) he became successively bishop of Eger, the richest of the Hungarian sees, archbishop of Esztergom (1497), cardinal (1500), and titular Latin Patriarch of Constantinople (1510).
It was solely through his efforts that Hungary did not accede to the league of Cambrai, was consistently friendly with Venice, and formed a family compact with the Habsburgs.
He lost some of his influence at first after the death of Wladislaus, but continued to be the guiding spirit at court, till age and infirmity confined him almost entirely to his house in the last three years of his life.