Feldman was born in the Chatsworth district of Los Angeles, the second of five children of musician Bob Feldman and his wife, Sheila (née Goldstein). Feldman's mother was his childhood manager, while his father eventually owned his own talent agency aimed at modeling other children's careers after his son's. Feldman was raised Jewish, and also holds beliefs in the paranormal. He has an older sister Mindy (a member of The New Mickey Mouse Club), a younger sister, Brittney, and two younger brothers, Eden and Devin.
Feldman started his career at the age of three, appearing in a McDonald's commercial. In his youth he appeared in over 100 television commercials and on 50 television shows, including The Bad News Bears, Mork & Mindy, Eight is Enough, One Day at a Time. and Cheers. He debuted in the films Time After Time and Disney's The Fox and the Hound. In 1981, he appeared in NBC's musical comedy children's special How to Eat Like a Child alongside other future child stars Billy Jacoby and Georg Olden. Feldman then went on to feature in several high-grossing movies (including a fair number of number-one movies) in a row. These movies included Friday the 13th: Part IV -- The Final Chapter (1984), Gremlins (1984), The Goonies (1985), and Stand By Me (1986), alongside River Phoenix, Wil Wheaton, and Jerry O'Connell. In 1987, Feldman appeared with Corey Haim in The Lost Boys. This film marked the first on-screen pairing of Feldman and Haim, who became known as "The Two Coreys". The pair went on to star in a string of films, including License to Drive (1988) and Dream a Little Dream (1989). In 1989, Feldman appeared in The 'Burbs opposite Tom Hanks and Carrie Fisher.
Feldman began the 1990 providing the voice of Donatello for the first Teenage Mutant Ninja Turtles live-action film. After a public battle with drugs, Feldman fought to re-establish his life and career by working with youths, starring in several lesser-known films, and branching out with an album of new jack swing music, entitled Love Left. He returned to the big screen with Teenage Mutant Ninja Turtles III (1993) where he again did the voice of Donatello, and starred in the Richard Donner/Robert Zemeckis/Joel Silver film Tales From The Crypt Presents: Bordello of Blood, opposite Dennis Miller.
He continued working with his friend Corey Haim on independent films, including a sequel to their last mainstream film together, Dream a Little Dream 2. In 1996, Feldman directed his first and thus far only motion picture, a slapstick comedy called 'Busted' where Haim played a leading role. This would be the last film that they would do as "The Two Coreys". In the late 1990s, Feldman starred in the CBS series Dweebs and then released his second album, Still Searching for Soul, with his band Corey Feldman's Truth Movement. In 1996, Feldman appeared alongside his former Stand By Me co-star Jerry O'Connell in the episode "Electric Twister Acid Test" of the Fox Network TV series Sliders. In 1999, Feldman appeared in New Found Glory's "Hit or Miss" music video as Officer Corey Feldman. In 1999, he made an appearance in the TV show The Crow: Stairway to Heaven.
In 2002, Feldman released a solo album, Former Child Actor, and promoted it with a second US tour. In 2003, he appeared in the first celebrity-driven reality series The Surreal Life on The WB. On the show, he publicly married Susie Sprague. The next year, he made a cameo appearance in the film Dickie Roberts: Former Child Star starring David Spade. He appeared in the Moby music video "We Are All Made of Stars". In 2004, Feldman made a cameo appearance in the independent sci-fi comedy Space Daze which was distributed by Troma Entertainment in 2005, and starred in the made-for-TV slasher crossover film Puppet Master vs. Demonic Toys which aired December 18, 2004 on NBCUniversal's SyFy network. In 2005, Feldman made his stage debut in the positively reviewed off-Broadway play Fatal Attraction, a Greek Tragedy, a parody of the seminal 1987 film Fatal Attraction directed by Timothy Haskell. Feldman played the lead character, named Michael Douglas. Feldman appeared in the theatrical release My Date with Drew and was the voice of "Sprx-77" in the Toon Disney/ABC Family series Super Robot Monkey Team Hyperforce Go!.
In 2007, Feldman and Corey Haim began a non-scripted reality TV show entitled, The Two Coreys, on the A&E Network. Haim and Feldman began taping on December 4, 2006. The show premiered on July 29, 2007. In the winter of 2007, Feldman's new film, Terror Inside, was released after the premiere of the A&E show. It was filmed in the Greater Orlando area by Minott Lenders, an independent film company based in Florida. In January 2008, Feldman, his wife, and Haim started production on the second season of the television show The Two Coreys. Feldman was also executive producer for both seasons.
On July 29, 2008, Warner Premiere released Lost Boys: The Tribe, a sequel to the 1987 horror film The Lost Boys, on DVD and Blu-ray. In the film, Feldman reprises his role of vampire hunter Edgar Frog. Feldman's other acting work for 2008 included Lucky Fritz and Operation Belvis Bash. In 2010, Feldman made an appearance in the music video for "1983" by Neon Trees. He served as an official festival judge in May, 2011 for the 4th annual Noor Iranian Film Festival in Los Angeles. Feldman also appeared in the music video for Katy Perry's 2011 single "Last Friday Night" In summer 2011, Feldman started shooting for the horror film Six Degrees of Hell in Saylorsburg, PA. The majority of the film was shot at the Hotel of Horror haunted attraction.
In January 2012, Feldman joined the U.K. television show Dancing on Ice with American pair skater Brooke Castile, and was eliminated in the fourth week of the show. In April 2013, Feldman also appeared in the music video for Mac Miller's single "S.D.S." In April 2013, Feldman appeared on the TV show Border Security: Canada's Front Line (aired in Australia as Border Security: International) as he was briefly detained at Vancouver International Airport. In October 2013, Feldman appeared in the music video for "City of Angels" by Thirty Seconds to Mars.
On October 28, 2013, Feldman released his first memoir called Coreyography. The book details his early life as a child actor all the way up to the death of his best friend Corey Haim. It also discusses his struggles with addiction and as a victim of Hollywood pedophilia. In January 2014, Feldman started hosting a show on Battlecam.com called Corey’s Angels Talk Live.
Feldman stated that he began the "Emancipation Proclamation in Hollywood" at age fifteen, when he was granted emancipation from his parents. He stated that he was worth $1 million by age 15, and by the time the judge court-ordered the bank records to come forward, only $40,000 remained.
Feldman was married to actress Vanessa Marcil from 1989 until 1993. Feldman met actress and model Susie Sprague in a nightclub in January 2002. They married on October 30 that year, on the final episode of the first season of The Surreal Life. The ceremony was co-officiated by a rabbi and by M.C. Hammer, an ordained minister. In October 2009, the couple split after seven years of marriage. Later that month, Sprague filed for divorce, citing irreconcilable differences. She sought full custody of their son, with Feldman having visitation rights. She also sought spousal support. Feldman sought joint custody and wanted the court to block Sprague's spousal support demand.
Feldman is an advocate for animal welfare and animal rights and has adhered to a vegetarian diet since he was about thirteen years old. He appeared with his wife in a PETA ad campaign promoting vegetarianism. He was awarded the Paws of Fame Award by the Wildlife Way Station for his dedication to animal rights.
In an August 2011 interview, Feldman said that Hollywood's biggest secret was pedophilia and that he and his best friend Corey Haim were victims of it in the 1980s. Feldman has also stated that he was raped by a man he has identified only as "Ron", a man who worked as an assistant to Feldman's father. Feldman has also identified "Ron" as having facilitated his initiation into drug addiction.
During February 2005, Feldman was subpoenaed to testify against Michael Jackson in his child molestation trial. The singer was accused of molesting a 15-year-old boy, believed to be a cancer survivor, who spent time at his Neverland Ranch and who appeared in Martin Bashir's 2003 documentary Living With Michael Jackson. Feldman said, "I started looking at each piece of information, and with that came this sickening realization that there have been many occurrences in my life and in my relationship to Michael that have created a question of doubt." Conversely, he has spoken out in defense of Jackson in the wake of Wade Robson's sexual molestation accusations.
Feldman accused Michael Jackson of damaging his childhood by befriending and then abandoning him. The two became close after Feldman found fame as a young star in Gremlins, The Goonies, and Stand by Me. Feldman admitted Jackson helped many children by becoming a friend and mentor – but claimed he did more harm than good, by dropping kids when he grew bored with them. The actor said, "He did real damage in my overall life. I was a 12-year-old boy who was hurt by his family and ignored by people at school. Michael would sit and talk to me for hours and he would listen. Then he would get bored. The biggest thing that Michael's done to children is befriending the ones that are in need and then abandoning them."
When Jackson died, Feldman dedicated a Los Angeles hospital concert with his rock band Truth Movement to the singer. Feldman told the crowd Jackson was watching over the show. "I didn't feel I could pull myself together to do a show tonight," Feldman told People magazine after the show. "It's been really difficult, honestly. I'm all shaken up right now. I had to do a lot of acting, basically, to get through the last 48 hours". Of the events of the week Jackson died, said Feldman, "It was shocking, and I think I'm still in shock, to an extent. I don't think I have fully, completely come to terms with it yet. I have waves and flashes. One moment, I feel fine and I'm myself. Then all of a sudden, it hits me, and I go, 'Wow, he's really gone.' It's very troubling."