Ted DiBiase is the biological son of wrestler Helen Nevins and Ted Wills, an entertainer and singer. He is the adopted son of wrestler "Iron" Mike DiBiase who married his mother when he was 4 years old. His adoptive father Mike died of a heart attack in the ring when DiBiase was 15. Seven-time NWA World champion Harley Race rushed to the ring and performed CPR, but was unable to save Iron Mike's life.

He is best recalled by mainstream audiences for his time in the World Wrestling Federation (WWF), where he wrestled as "the Million Dollar Man" Ted DiBiase Sr.. He has been named as one of the best technical wrestlers, and greatest villains, in pro wrestling history. He was Hulk Hogan's opponent in Hogan's first Madison Square Garden match.

On a June 27 episode of WWF Superstars, DiBiase had his first vignette. He would now be known as "The Million Dollar Man", a millionaire who wore a gold-studded, dollar-sign-covered suit and, in time, a custom-made, diamond-encrusted and self-awarded "Million Dollar Championship" belt. The Million Dollar Man character was based on the type of wrestler who Vince McMahon would want to be. He was billed as having a spring residence in Palm Beach, Florida, a summer residence in Hyannis Port, Massachusetts, an autumn residence in Bel Air, California, and a winter residence in the Netherlands Antilles.

DiBiase had a bodyguard by the name of Virgil, who was by his side during his matches and vignettes. The idea for the name Virgil was based on then-NWA/WCW booker Dusty Rhodes, whose real name was Virgil Runnels. The name of DiBiase's finishing move, the Million Dollar Dream (a Cobra Clutch), was also supposedly meant to be a rib towards Dusty Rhodes, who was nicknamed "The American Dream". Virgil was often seen performing humiliating tasks, such as rubbing DiBiase's feet. DiBiase claimed "Everybody has a price" demonstrating his "power" through a series of vignettes in which he did things such as bribe the manager of a local swimming pool to close for the day so he could have the pool to himself, or when the honeymoon suite in a hotel was already booked, he bribed the desk clerk to have the couple already in there thrown out. Other skits featured DiBiase traveling in limousines, giving $100 tips to waiters, and using $100 bills in convenience stores for small purchases like chewing gum. In reality, DiBiase's road travel was deliberately booked for first-class airplane flights and five-star hotel accommodations, and he was given a stipend of petty cash from the WWF Offices so that he could "throw money around" in public (i.e. pick up tabs and "overtip", buy drinks for entire bars, actually pay for small items with a $100 bill, etc.) in order to make the character seem more real. Other times, DiBiase invited fans to perform humiliating acts (such as kissing his feet) for money. During one skit, he invited a young boy onto a stage and told him if he bounced a ball 15 times in succession, DiBiase would pay him $500. After the 14th bounce, DiBiase kicked the ball away, sending the boy home without pay; however, according to his autobiography, everybody who wasn't paid on-camera was paid off-camera. He frequently stuffed a $100 bill into the mouth of a wrestler on whom he had used the Million Dollar Dream move. Virgil, however, would more often than not surreptitiously retrieve the discarded bill from the wrestler's mouth.

His first big in-ring angle came in late 1987 on an episode of Superstars of Wrestling, where he announced his plan to buy the WWF World Heavyweight Championship from Hulk Hogan, as Hogan refused and said that DiBiase would have to defeat him in the ring for the championship belt. Hogan got the upper hand in a series of matches, and a frustrated DiBiase approached André the Giant to win the title for him, which did happen on the February 5, 1988, edition of The Main Event I (which aired live on NBC), where André defeated Hogan under questionable circumstances for the WWF World Heavyweight Championship. This was the match of the infamous "who is the true Dave Hebner" debacle. Whom the crowd and viewers at home thought was the "real" Dave Hebner (it was actually his real-life twin brother Earl, whom many now mistake as being the original Hebner) counted the match finishing pin for André despite the fact that Hogan's shoulder was up at the count of one. Afterwards the real Dave Hebner came running into the ring to dispute the ruling his "evil twin" had made awarding the WWF world championship to Andre the Giant; André then announced he was surrendering the championship belt and handed it to DiBiase. In the following days, DiBiase was, in fact, billed as the WWF World Heavyweight Champion in three house shows, defending the title one time against Bam Bam Bigelow. However, WWF President Jack Tunney declared DiBiase was not the champion, as he did not win the title by pin or submission, and said that because Andre had surrendered the title, it was therefore vacant. André's world title win was still recognized, though it is still considered the shortest world title reign in WWF history.

A tournament was announced to crown a new WWF World Heavyweight Champion at WrestleMania IV, where DiBiase defeated Hacksaw Jim Duggan in the first round and Don Muraco in the quarterfinal before receiving a bye in the semi-finals to advance to the finals of the tournament. The reason for the bye was a double-elimination of Hulk Hogan and André the Giant when they both were disqualified in their match, with DiBiase meant to face the winner. In a backstage interview afterwards, André revealed that DiBiase paid him to make sure Hogan didn't advance in the tournament. DiBiase was defeated by "Macho Man" Randy Savage in the finals, helped by Hulk Hogan negating André's repeated interference in the match. DiBiase continued to feud with Savage over the WWF World Heavyweight Championship throughout the summer of 1988, even headlining in a tag team match pitting DiBiase and André the Giant vs. Hogan and Savage at the inaugural SummerSlam (in a match billed as "Where The Mega Powers Meet The Mega Bucks"). Although pro-heel commentator Jesse "The Body" Ventura served as the guest referee, Hogan pinned DiBiase to win the match. DiBiase then defeated Brutus Beefcake, Ken Patera, Ron Bass, and Randy Savage to win the 1988 King of the Ring tournament, receiving his first WWF success.

At the Royal Rumble in 1989, DiBiase purchased the #30 entrance spot from Akeem to become the final entrant in the match. Big John Studd and DiBiase were the final two participants in the match. DiBiase offered Studd a bribe to eliminate himself, but Studd eliminated him to win the match. He defeated The Blue Blazer on the March 11, 1989 Saturday Night's Main Event XX. After that match, he introduced the Million Dollar Championship, his own championship belt which was not recognized by the WWF. He created this belt because he was unable to buy or win the WWF World Heavyweight Championship from Hulk Hogan and Randy Savage.

In 1990, he was punished for buying #30 in the previous year's Royal Rumble. For his punishment, he was forced to enter as entrant #1. He broke the record at the time by lasting 45 minutes in the Royal Rumble match after entering as the #1 entrant. He eliminated two opponents before he was eliminated by The Ultimate Warrior.

At the 1991 Royal Rumble, Ted DiBiase and Virgil defeated Dusty and Dustin Rhodes in a tag team match. After the match, DiBiase ordered Virgil to put the Million Dollar Championship belt around his waist. Virgil instead hit DiBiase with the belt, turning face. At WrestleMania VII, DiBiase lost by count-out to Virgil. DiBiase lost the Million Dollar Championship to Virgil at SummerSlam when Virgil smashed his head into an exposed turnbuckle and pinned him to get the victory. DiBiase participated in the 1991 King of the Ring tournament drawing with Ricky Steamboat in the first round. DiBiase and Steamboat would battle to a time-limit draw with neither man advancing in the tournament. DiBiase regained the Million Dollar Championship from Virgil with help from Repo Man on the November 11 edition of Prime Time Wrestling which was dubbed Survivor Series Showdown.

In February 1992, Ted DiBiase formed the tag team Money Inc. with I.R.S.; the two won the WWF Tag Team Championship together three times and was the dominant Tag-Team of 1992–1993. In the eighteen months Money Inc. were together, they held the titles for a total of almost fourteen months. Money Inc.'s first title reign was at the expense of The Legion of Doom. They then feuded with the Natural Disasters, losing the titles to them and then regaining them a few months later. Finally, in spring 1993, Money Inc. entered into a months long feud with The Steiner Brothers, and in June the two teams traded the titles three times in ten days, with DiBiase and IRS losing the tag team title twice to the Steiners. Ted DiBiase retired from wrestling to become a commentator in the summer of 1993, resulting in Schyster going back to singles competition after a final attempt to reclaim the tag-titles in a cage match in the lead-up to Summerslam '93 in a losing effort against the Steiners.

His career before, during, and after his WWF run eventually allowed him to headline the 2010 WWE Hall of Fame ceremony.

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