He attended Everest Military Academy in Hamden, Connecticut and graduated from Harvard College in 1872 and the Columbia Law School in 1876. Perry Belmont practiced law in New York for five years. Partnered with him in the law firm, Vinton, Belmont & Frelinghuysen, were his cousin, the writer Arthur Dudley Vinton, and future president of the Ballantine Brewing company George Frelinghuysen. He and his brother August Belmont, Jr. were also founding members of The Jockey Club.

Belmont was a Democratic member of Congress from 1881 to 1889, serving in 1885-1887 as chairman of the committee on foreign affairs. In 1889 he was United States minister to Spain.

Perry Belmont died at Newport, Rhode Island in 1947. His former home in Washington, D.C. became the International Temple for the Order of the Eastern Star.

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