At the age of seven, Chip Foose began working on automobiles for his father's company Project Design. Encouraged by Ford and Preston Tucker designer Alex Tremulis, in 1982 Foose began to attend the Art Center College of Design, but he dropped out after two years due to financial difficulties. Foose returned to the Art Center to complete his education, after having worked four years at ASHA Corp. He graduated in 1991 and began working full-time for Sterenberger Design and also part-time for Boyd Coddington. In 1993, Foose resigned from Sterenberger to work for J Mays at Ford, however he was convinced by Coddington to work for him instead. Working full-time for Coddington, Foose eventually became the president of Coddington's company Hot Rods by Boyd. While working for Coddington, Foose designed many of Coddington's well known creations including the Boydster I and II.

In 1998, Hot Rods by Boyd was facing bankruptcy. After Foose left his position he and his wife Lynne started his own automotive and product design company which he called Foose Design in Huntington Beach, California. Foose's departure from Boyd's was far from a pleasant one as Foose stated in a 2006: "Boyd has chosen to not have any relations with me, since I stopped working at his shop."

In 2003 Foose gained more exposure as a result of a TLC documentary on his design and creation of a modified 2002 Ford Thunderbird called the Speedbird. The TLC program Overhaulin' began to air with Foose as the star of show in 2004. In 2006, Foose launched a line of die cast replicas of many of his famous designs. Partnering with the makers of Johnny Lightning in the creation of JL Full Throttle, they produced many of Foose's famous, award winning designs like Grand Master and Impression. Some of the replicated cars were from Overhaulin'. In 2006 it was announced at a Specialty Equipment Market Association (SEMA) trade show that there was a pact between Foose and Ford to produce Foose designed Ford vehicles, the first of which was shown at the New York Auto Show in 2007.

Foose was kept as design consultant to provide architects with unique styling elements for the interior and exterior of the $275 million expansion of Detroit's MotorCity Casino.

As of 2007, Foose continues to star in Overhaulin', operate Foose Design, and provide design consultations to the Big Three automakers.

Foose also serves as the Vice Chairman of the Progeria Research Foundation, California Chapter. (Foose's youngest sister died of Hutchinson-Gilford Progeria Syndrome.)

Foose lives with his wife and their two children Brock and Katie in Southern California.