Michael Levy was born 11 July 1944, the son of Samuel and Annie Levy. He was educated at Fleetwood Primary School (where he was Head Boy) and Hackney Downs Grammar School. In 1967 he married Gilda (née Altbach), having one son and one daughter.

Levy's career includes: Lubbock Fine (Chartered Accountants), 1961–66; Principal of M. Levy and Company, 1966–69; Partner, Wagner Prager Levy and Partners, 1969–73; Chairman: Magnet Group, 1973–88; D and J Securities Limited, 1988–92; M and G Records, 1992–97; Wireart Limited, 1992–2002; Chase Music (formerly M and G Music) Limited, 1992–2002; International Standard Asset Management, 2008–11; Vice Chairman: Phonographic Performance Limited, 1979–84; British Phonographic Industry Limited, 1984–87.

He was particularly involved in Jewish affairs, as: National Campaign Chairman, United Joint Israel Appeal, 1982–85 (Hon. Vice President, 1994–2000; Hon. President, 2000–); Chairman: Jewish Care, 1992–97 (President, 1998–2020; Life President, 2020); Jewish Care Community Foundation, 1995–2010; Vice Chairman, Central Council for Jewish Community Services (formerly Central Council for Jewish Social Services), 1994–99. He became Personal Envoy for the Prime Minister (Tony Blair) and an Adviser on the Middle East, 1999–2007. Michael Levy was made a life peer in 1997.