Getty was born in Tarzana, Los Angeles, California and raised in San Francisco, the son of Jean Paul Getty 3d and his wife, the former Gisela Zacher. His mother is a professional photographer and documentary filmmaker known as Gisela Getty; she is now divorced. Getty has a sister, Anna.

He entered the movie business in 1987 when he auditioned for the lead role in the movie Lord of the Flies after being spotted by a talent scout in his art class at school. During the course of the 1990s and early 2000s, he has appeared in films such as Young Guns II, Natural Born Killers, Judge Dredd, White Squall, Lost Highway, Big City Blues, MacArthur Park, The Center of the World, Deuces Wild, Ladder 49, Feast and the television series Traffic.

Getty guest-starred on the television series Charmed as Richard Montana, a male witch who at one point was romantically linked with Paige Matthews. He appeared in the fifth season of the hit show Alias as Agent Thomas Grace. He currently stars, alongside Alias costar Ron Rifkin, in the ABC prime time drama Brothers & Sisters, which first aired in September 2006. Getty plays the role of Thomas "Tommy" Walker, one of the five Walker siblings.

His great-grandfather is the late multi-billionaire Jean Paul Getty, founder of the Getty Oil Company, and at one time one of the richest men in the world. His father is John Paul Getty III.

Getty has been romantically linked with Drew Barrymore, Lala Sloatman, and model-actress Milla Jovovich, with whom he appeared in a Seventeen magazine photo shoot in 1989.

He is married to Rosetta Millington and has four children: Cassius Paul, Grace, Violet, and June Catherine.

In July 2008, Getty was photographed kissing a topless Sienna Miller aboard a boat and on a hotel balcony in Italy. Getty and Miller have reportedly been dating since May 2008, while he and wife Rosetta Millington have been "living separate lives". On July 21, 2008, Getty released a statement confirming that he and his wife have separated.

Lord of the Flies (1990)
Young Guns II (1990)
My Heroes Have Always Been Cowboys* (1991)
December (1991)
Where the Day Takes You (1992)
Natural Born Killers (1994)
Judge Dredd (1995)
White Squall (1996)
Habitat (1997)
Lost Highway (1997)
Big City Blues (1999)
Shadow Hours (2000)
Sol Goode (2001)
Deuces Wild (2002)
Charmed (2003-2004) (TV series)
Ladder 49 (2004)
Traffic (2004) (Mini-series)
Into the West (2005) (Mini-series)
Alias (2005-2006) (TV series)
Feast (2006)
Brothers & Sisters (2006-) (TV series)
Slingshot (2007)