Raised on the Northern Beaches of Sydney, Peter Montgomery started playing water polo in high school before continuing alongside his studies at the University of Sydney.
Montgomery attended his first Olympic Games in 1972 in Munich. He would go on to play at the 1976 Montreal, 1980 Moscow and 1984 Los Angeles Olympic Games. Montgomery is considered as one of the greatest players of the 70's and 80’s, with the Australian team’s best ever performance of fifth place coming at the Los Angeles Games, when Montgomery was captain. During Montgomery's career, he played 510 games for Australia and attended four World Championships as well as the first Water Polo World Cup. He captained Australia 167 times.
Since retiring as an athlete, Montgomery has stayed heavily involved in the sport and the Olympic Movement as an official. Montgomery was elected Chairman of the first Australian Olympic Committee Athletes' Commission in 1984. Five years later he became an AOC Executive Board Member of the board and in 2001 became Vice President.
From 1988 to 1999 he was a member of the IOC Athletes' Commission. He was also a member of the Sydney 2000 Bid Committee and the IOC Coordination Commissions for the 1988, 1992, 1994, 1998, and 2000 Olympic Games.
Montgomery was the Foundation President of the World Olympians Association (WOA) from, a position he held from 1995-1999 and was a foundation member of the International Council of Arbitration for Sport from 1995-2001.
In 2002, at the Salt Lake City Games, he was awarded the Olympic Order by Jacques Rogge, the IOC President, for services to the Olympic Movement. Montgomery is a member of multiple Halls of Fame, including the International Swimming Hall of Fame, to which he was inducted in 2013.
Outside of sport, Montgomery has also enjoyed a successful business career as well as being a solicitor of the NSW Supreme Court.