Piero Ferrari obtained a degree in engineering at the University of Modena and Reggio Emilia. In the mid-1970s he started working for Ferrari, first as an English translator for his Father, and then as supervisor of the production of road cars and co-organiser of the racing department. In 1988, when Enzo Ferrari died, as he was the sole heir of the Ferrari family, he was nominated vice chairman.

His mother was Enzo's mistress, Lina Lardi. As divorce was illegal in Italy until 1975, he could not be acknowledged as a Ferrari family member until the death of Enzo's wife, Laura, in 1978. His legitimate half-brother, Dino, died in 1956 of muscular dystrophy.

Ferrari is the chairman of HPE COXA, a company he founded in 1998 with the aim of providing high end engineering services in the mechanical field. In 2009 HPE acquired COXA, a Manufacturing firm founded in 1985 and specialized in the high precision Manufacturing of niche volumes and prototypes.

Ferrari was awarded the title of Cavaliere del Lavoro in 2004.

Following Ferrari's IPO on 21 October 2015, his 10% stake was valued at US$1.1 billion.

On 28 April 2016 he entered into the Ferretti Group with 13.2% of shares.

In May 2017 he was ranked by Forbes at number 1151 in the world's billionaires list with a net worth of $1.95 billion.