The eldest son and heir of Sir Peter Osborne, 17th Baronet (and co-founder of the fabric and wallpapers designers, Osborne & Little), Osborne was educated at the private Norland Place School in Holland Park, St Paul's and Magdalen College, Oxford, where he received a second class degree in Modern History. He was also editor of the university magazine, Isis. He is married to The Hon. Frances Osborne (née Howell), an author and elder daughter of former Conservative Cabinet Minister The Lord Howell). The couple have two young children, Luke and Liberty.
Originally named Gideon, he changed his name to George when he was 13. In an interview in July 2005, Osborne said: "It was my small act of rebellion. I never liked it. When I finally told my mother she said, 'Nor do I'. So I decided to be George after my grandfather, who was a war hero. Life was easier as a George; it was a straightforward name."
Osborne's first job was to provide data entry services to the National Health Service to record the names of people who had died in London. He also briefly worked for Selfridges. He originally intended to pursue a career as a journalist, but, after missing out on a position at a national newspaper, was informed of a vacant job at the Conservative Central Office.
He joined the Conservative Research Department in 1994 and became head of the Political Section. Between 1995 and 1997 he worked for the Ministry of Agriculture, Fisheries and Food as special advisor to minister Douglas Hogg (during the BSE crisis) and worked in the Political Office at 10 Downing Street. Between 1997 and 2001 he worked for then Conservative leader William Hague as a speech writer and Political Secretary. In this role he helped prepare Hague for the weekly session of Prime Minister's Questions, often playing the role of Prime Minister Tony Blair. Under the leaderships of Michael Howard and now under David Cameron, he has remained on the Prime Minister's Questions team.
Osborne's wealth is estimated at £4.3m. He is also reported to be next in line to inherit the Osborne baronetcy of Ballentaylor in County Tipperary, Ireland, as well as a substantial share of Osborne & Little, his father's luxury wall*paper company.