An haifi Benazir Bhutto ne a birnin Karachi, dake ƙasar Pakistan a ranar 21 ga watan Yuni, na shekarar 1953. Benazir Bhutto ta soma karatu a makarantar Nursery ta Lady Jennings da ke Karachi. Bayan shekaru biyu sai ta sami shiga makarantar Firamare ta Mary Convent da ke Muree, in da ta kammala karantunta na Firamare tattare da sakamako mai kyau. Bayan ta kammala karatun gaba da Firamare, a watan Afirilu na shekarar 1969, Bhutto ta shiga jami'ar Havert da ke ƙasar Amurka, in da ta kammala karatun Jami'a a watan Yuni na 1973, tare da samun digiri na farko a fannin ilimin kimiyyar siyasa, da tattali. A shekarar 1976, Benazir Bhutto ta koma cigaba da karatu a jami'ar Oxford da ke London don neman babbar digiri. Ta kammala karatun in da ta koma Pakistan cikin watan Yuni na shekara 1977. Kodayake dai bayan kammala karatunta, Benazir Bhutto ta so ta yi aiki a ƙetare, to amma mahaifin ta ya nemi ta komo gida ta shiga siyasa domin ta tsaya takarar kujerar majalisar dokoki, sai dai kuma kash, shekarun Bhutto ba su kai na tsayawa takarar shiga majalisar ƙasa ba, don haka ne mahaifin Bhutto Zulfikar Ali Bhutto, ya umurce ta da ta taimaka masa wajen tafiyar da harkokin siyasa.