Peter Sichrovsky was born in Vienna, Austria. From 1963 to 1968, Sichrovsky studied at the Higher Technical School of Biochemistry in Vienna, graduating from there to study pharmacy and chemistry at the University of Vienna from 1970 to 1975. After receiving his university qualifications, Sichrovsky became a high school chemistry and physics teacher, leaving education in 1976 to take up management positions in various pharmaceutical companies. From 1980, Sichrovsky found employment as a journalist in a variety of newspapers, including Der Spiegel, Männer Vogue, and Der Standard, which he co-founded in 1988. After positions in Europe, Sichrovsky travelled abroad to New Delhi and Hong Kong to become a foreign correspondent there. During the 1990s, he continued his trips abroad through Hong Kong, Vienna, Chicago and Los Angeles.

On November 11, 1996, Sichrovsky was elected to the European Parliament as a representative of his home country. Although he was a parliamentary member of the Freedom Party of Austria, he was considered non-attached as his party did not have the required number of seats in the European Parliament to form a political group. Sichrovsky served on several committees during his two terms in the European Parliament, including the Committee on External Economic Relations, the Subcommittee on Security and Disarmament, the Committee on Culture, Youth, Education, the Media and Sport and the Delegation to the EU-Kazakhstan, EU-Kyrgyzstan and EU-Uzbekistan Parliamentary Cooperation Committees and Delegation for relations with Tadjikistan, Turkmenistan and Mongolia. From 2000-2002 Sichrovsky was the general secretary of the Freedom Party of Austria.

Sichrovsky is a controversial figure inside the conservative right. Some opine that because of his Jewish origin he was supposed to help the Haider's party make peace with Jews.

Sichrovsky has written 15 books, including four children's books, plays and screenplays. In 1986, the English translation of Sichrovsky's book, Strangers in their own land: young Jews in Germany and Austria today, a collection of interviews with the children of Jewish holocaust victims and survivors, was published. Two years later, in 1988, the English translation of Born Guilty: Children of Nazi Families, a collection of interviews with children of Nazi families, was published.