Michael James Moldaver was born on December 23, 1947, and grew up in Peterborough, Ontario. He is the youngest of three sons born to Irving Moldaver and Ruth Moldaver. His father was a Jewish Russian immigrant who worked as a scrap metal dealer in Peterborough. His mother was a homemaker whose family ran a clothing store; her father served as Peterborough's first rabbi. Neither of his parents had the opportunity to receive a formal education, and they stressed the importance of higher education to their sons. Moldaver has described himself as "a small town boy from Peterborough who got lucky," crediting his values to his close-knit family and a community that understood compassion and equality.
He is married to Rivka ("Riky") Moldaver and has two daughters, Shannon and Jessica, both of whom became lawyers.