His family had been in Massachusetts Bay since 1632, and his father, Aaron Bancroft, was distinguished as a revolutionary soldier, a leading Unitarian clergyman and author of a popular life of George Washington. Bancroft was born in Worcester and began his education at Phillips Exeter Academy; he entered Harvard College at thirteen years of age. At age 17, he graduated from Harvard, class of 1817, and went to study in Germany. Abroad, he studied at the universities of Heidelberg, Göttingen and Berlin. At Göttingen he studied Plato with Arnold Heeren; history with Heeren and Gottlieb Jakob Planck; Arabic, Hebrew, New Testament Greek and scripture interpretation with Albert Eichhorn; natural science with Johann Friedrich Blumenbach; German literature with Georg Friedrich Benecke; French and Italian literature with Artaud and Bunsen; and classics with Georg Ludolf Dissen. In 1820, he received his doctorate from the University of Göttingen.