Beatty was born on 22 February 1905. He was the eldest son of Admiral of the FleetDavid Beatty, 1st Earl Beatty and his wife Ethel. He had one brother, Peter Beatty. From his mother's first marriage to Arthur Tree, he had an elder half-brother, Ronald Tree, who served as MP for Harborough and friend of Winston Churchill. Ronald was married to Nancy Keene Field and Marietta FitzGerald, a granddaughter of the Rev. Endicott Peabody. His maternal grandfather was the American businessman Marshall Field. His father was the second son of five children born to Captain David Longfield Beatty and Katherine Edith Beatty, both from Ireland: David Longfield had been an officer in the Fourth Hussars where he formed a relationship with Katrine, the wife of another officer. Beatty was educated at the Royal Naval College, Osborne, on the Isle of Wight, and the Royal Naval College, Dartmouth. In 1919, he gained the courtesy title of Viscount Borodale when his father was created Earl Beatty.
Beatty was married four times, the first three times to Americans. His first marriage was to Dorothy Carlotta Sands on 21 April 1937, an older sister of Thomas Sarsfield Power. David and Dorothy were divorced in 1945. She next married and divorced John Gordon Baragwanath and then, on 10 December 1954, she was married to Peregrine Francis Adelbert Cust, 6th Baron Brownlow, remaining married until her death in 1966. On 7 February 1946, he remarried to Dorothy Rita Bragg, the widow of Sgt. Richard Edward Bragg RAF, and daughter of Michael James Furey of New Orleans, Louisiana. Between 1946 and 1950, she had an affair with Conservative Party leaderAnthony Eden whilst he was separated from his wife. Before their divorce in 1950, they were the parents of one son:
David Beatty, 3rd Earl Beatty, who married Anne Please in 1971. They divorced in 1982 and he married Anoma Corinne Wijewardene in 1984.
His third wife was Adelle O'Connor, the former wife of William V. O'Connor of Los Angeles, California and the daughter of M. Dillingham, of Oklahoma City. They married on 5 July 1951 and divorced in 1958 before having had one daughter:
After their divorce, Adelle married Stanley Donen in 1960. His fourth wife was Diane Kirk Blundell, a daughter of John Rutherford Blundell of Hayling Island in Hampshire. She was one of the last generation of debutantes to be presented to the Queen, in 1958. They married on 3 December 1959 and remained married until his death. From his fourth marriage he had a son and a daughter: