Eugene Levy is the son of Rebecca Kudlatz however, the name of his father is unknown. His mother, Rebecca was a homemaker, and his father was a foreman at an automobile plant.
He has a brother, Fred and a sister, Barbara. His mother was born in Glasgow, Scotland to Polish Jewish parents, later moving to Canada. His father was Sephardi Jewish, with ancestors from Spain and Bulgaria.
Levy attended Westdale Secondary School, where he was student council president. He subsequently attended McMaster University. He was vice-president of the McMaster University Film Board, a student film group, where he met moviemaker, Ivan Reitman.
On December 13, 2022, it was announced that Levy would be the host and executive producer for an Apple Original eight-episode travel series titled, The Reluctant Traveler, premiering February 23, 2023, on Apple TV+.