A native of southern California, Peterson received a bachelor's degree in Greek and philosophy from BYU and, after study in Jerusalem and Cairo, earned his Ph.D. in Near Eastern languages and cultures from the University of California at Los Angeles. He served in the Switzerland Zurich Mission and, for approximately eight years, on the Gospel Doctrine writing committee for the Church of Jesus Christ of Latter-day Saints. Peterson is married to the former Deborah Stephens of Lakewood, Colorado, and they are the parents of three boys.