Pramod Mahajan was born to Venkatesh Devidas Mahajan and Prabhavati Venkatesh Mahajan in Mahbubnagar, Telangana, India in a Deshastha Brahmin family. The Mahajan family had migrated from their home in Mahajan gully in Osmanabad to Ambajogai and were staying in a rented house in Mangalwar Peth. Mahajan spent his childhood in Ambejogai. He was the second child of his parents, with two brothers Prakash and Pravin, and two sisters Pratibha and Pradnya. His father died when he was 21. He attended Yogeshwari Vidyalaya and Mahavidyalaya in Beed district of Maharashtra and studied at the Ranade Institute for Journalism, Pune. He obtained bachelor's degrees in Physics and Journalism and a post graduate degree in Political Science. He with Gopinath Munde studied in Swami Ramanand Teerth College, Ambajogai, Maharashtra. He passed Maharashtra Certified Typewriting from former Mahajan Typewriting Institute, Ambajogai.