Craig's first novel, The Martini Shot, published by William Morrow in 1998, chronicles has-been action film star Charlie West's troubled relationship with his two children and won a Michener-Copernicus Award. His second novel, Hot Plastic, published by Hyperion in 2004, portrays the complex relationship between credit card con artist Jerry Swift and his genius son, both of whom are attracted to the same woman. His most recent novel, Blood Father, published by Hyperion in 2005, tells of aging biker John Link and his reckless teenage daughter, caught up in a drug bust gone wrong.

As a screenwriter, Craig co-wrote the Warner Bros. picture The Town with Ben Affleck, based on the novel Prince of Thieves by Chuck Hogan. Craig has also been hired to write the screenplay for the upcoming Cowboy Bebop movie, and Bad Boys III for Sony Pictures.

Craig attended the Iowa Writers' Workshop at the University of Iowa and studied with authors Tobias Wolff and Marilynne Robinson.

Craig grew up in Southern California and Oregon, the son of actress Sally Field and Steve Craig. He was remarried in 2008 to Jennifer DeFrancisco, and has two daughters from his previous marriage.