When his father, George Ogilvy, 2nd Lord Banff died in September 1668, Ogilvy inherited the estates of Inchdrewer and Montbray and the title of 3rd Lord Banff.
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Ogilvy was the eldest son of George Ogilvy, 2nd Lord Banff and his second wife, Agnes, the daughter of Sir Alexander Falconer, 1st Lord Falconer of Halkerton.
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The son of Sir George Ogilvy, 1st Lord Banff, and 1st Baronet (1627), by his spouse Janet, daughter of William Sutherland, Lord Duffus.
He was the eldest of the couple's ten children, his younger brother was Sir Alexander Ogilvy, 1st Baronet.