Wood was born into a family of English "water gypsies" (river/canal barge operators, sometimes also called "bargees") and says that his generation was the first in the family to be born on dry land.Wood began his career as a professional musician in 1964 as a guitarist with The Birds, an R&B band based in Yiewsley, West London. Following Mick Taylor's departure from the Rolling Stones in December 1974, Wood participated in the band's March 1975 recording sessions for their forthcoming album Black and Blue.
Although still a member of the Faces, he toured North America with the Rolling Stones in 1975; the Faces announced their break-up in December of that year, and Wood was officially declared a member of the Rolling Stones in February 1976. Throughout the 1980s, Wood played as a member of the Rolling Stones; continued his solo career, releasing the album 1234 in 1981; painted; and collaborated with a number of other artists, including Prince, Bob Dylan, David Bowie, Eric Clapton, Bo Diddley, Ringo Starr and Aretha Franklin. Wood toured with the Rolling Stones in 2002-03; in 2004 he performed several one-off concerts and guest appearances, including a number of appearances with Rod Stewart.