Korda, whose real name was Alberto Díaz Gutiérrez, was born on 14 September 1928 in Havana, Cuba. He got his first taste of photography when he took his father's Kodak 35mm and began taking pictures of his girlfriend. Korda was the son of a railway worker, and took many jobs before beginning as a photographer's assistant. Korda began his career as a Photographer who shot pictures at banquets, baptisms and weddings. He would run back to his studio to develop the film, then return to the event and sell his photographs as a souvenir. The quality of Korda’s work as a beginner was very poor; after a few months the image became blurry and the paper yellowed. When he opened his first studio, Korda had an opportunity to learn from his mistakes and to stop the yellowing process by using the right chemicals for the correct durations of time. In 1953, Korda opened his first studio with a Photographer named Luis Pierce. Initially, Korda and Pierce took a variety jobs ranging from fashion to advertisements.

He was awarded the Cuban "Palma de Plata" in 1959; named Best Photoreporter of the year, Revolución Journal, Havana, 1960–1963; awarded the 5th International Award of Submarine Photografie "Maurizio Sana”, Italy; awarded National Culture Distinction, Ministry of Culture, Cuba; 1994.

Korda was a Photographer for the Cuban newspaper Revolución when he produced on March 5, 1960, the iconic image of Che Guevara that became a worldwide symbol of revolution and rebellion. He never received any royalties for the image, because Castro did not recognize the Berne Convention for the Protection of Literary and Artistic Works. In 2000, he sued Smirnoff (Lowe Lintas) over the use of the image in advertisement. Commenting on the illicit use of his photograph, the Artist said, "As a supporter of the ideals for which Che Guevara died, I am not averse to its reproduction by those who wish to propagate his memory and the cause of social justice throughout the world, but I am categorically against the exploitation of Che's image for the promotion of products such as alcohol, or for any purpose that denigrates the reputation of Che". His out-of-court settlement of US $50,000 was donated to the Cuban Health care system. He said, "If Che were still alive, he would have done the same". However, he told a BBC World Service reporter that he did approve of the 1999 Che Jesus adaptation of the image used by the Churches Advertising Network to promote church attendance in the UK. The truth is that Korda gave the picture for free to Giangiacomo Feltrinelli, an Italian publisher who had published Doctor Zhivago and went on to publish Castro's diaries.

Group exhibitions of his works include: in 1962, Museo Nacional de Bellas Artes, Havana; 1967, Expo’67, Pabellón Cubano, Montreal; 1980, Consejo Mexicano de Fotografía, Mexico City; 1980, Centro de Arte Internacional, Havana; 1983, Westbeth Gallery, New York; 1999, Centro de Desarrollo de las Artes Visuales, Havana; 2000, C. Grimaldis Gallery, Baltimore, Maryland; 2000, Royal National Theatre, London; 2002, Museum of Art, Ft. Lauderdale, Florida.

From 1968 to 1978 he concentrated on underwater photography until a Japanese exhibition in 1978 stimulated international interest in his work. He appeared briefly in the pre-title sequence of Wim Wenders' film Buena Vista Social Club in 1999, although he was uncredited.

Korda suffered a fatal heart attack in Paris in 2001 while presenting an exhibition of his work. He is buried in the Colon Cemetery, Havana.

In September 2016 the 'Leica' camera that Korda's used for his famous photo of Che Guevara was auctioned through online auction house Catawiki for 18,100 euros.

Most of the jobs were photographed by his studio partner, in order to keep their Business going. It was the money generated by these jobs that allowed Korda to develop his unique style of looking at an image from another angle, different from the traditional photographer’s studios. It was this style that Studios Korda quickly became identified with achieving. In the early years, Korda was most interested in fashion because it allowed him to pursue his two favorite things, photography and beautiful women. Korda became Cuba's premiere fashion Photographer. Korda disliked artificial lighting he said it was "a travesty of reality" and only used natural light in his studio. He was master of black-and-white photography who looked for perfect composition and framing. Korda had unique creative ambition that he used to rise above in style when compared to the unimaginative cultural perspective of traditional Cuban photography. This unique creativity turned the Korda Studio into something more than just a prosperous business; it became an art studio. "My main aim was to meet women", he once confessed. His second wife, Natalia (Norka) Menendez, was a well known Cuban fashion model.