Anthony was born in Sydney, New South Wales, and educated at Canberra Grammar School before attending university at the University of New South Wales, Sydney. He holds diplomas from the Financial Services Institute of Australia and Australian Institute of Company Directors. He was a businessman and stockbroker before entering politics.
He was Parliamentary Secretary to the Minister for Trade 1998-99, Minister for Community Services 1999-2001 and Minister for Children and Youth Affairs from 2001 to 2004.
Larry Anthony is now on the board of directors of ABC Learning, the Macquarie Media Group, the Queensland based financial institution InDue, and the leading edge technology company CertainEdge. Anthony is also the Chairman of the Duke of Edinburgh's Awards for Australia.