Osmeña was born in Manila to Sergio "Serging" Osmeña, Jr. of Cebu and Lourdes de la Rama of Negros Occidental. He finished his elementary studies at De La Salle College in Manila. He spent his secondary studies at the St. Clement's College in Iloilo City, Ateneo de Manila and Beaumont College in Berkshire, England. Although he has never obtained a university degree, he studied in various educational institutions which include University of San Carlos, University of the Philippines, Los Baños, Harvard University, and Georgetown University.