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John F. Stossel was born on March 6, 1947, in Chicago Heights, Illinois, the younger of two sons, to Jewish parents who left Germany before Hitler rose to power. They joined a Congregationalist church in the U.S., and Stossel was raised Protestant. He grew up on Chicago's affluent North Shore and graduated from New Trier High School. Stossel characterizes his older brother, Tom, as "the superstar of the family", commenting, "While I partied and played poker, he studied hard, got top grades, and went to Harvard Medical School."

Stossel has written three books. Give Me a Break: How I Exposed Hucksters, Cheats, and Scam Artists and Became the Scourge of the Liberal Media is a 2005 autobiography from Harper Perennial documenting his career and philosophical transition from liberalism to libertarianism. It describes his opposition to government regulation, his belief in free market and private enterprise, support for tort reform, and advocacy for shifting social services from the government to private charities. It was a New York Times bestseller for 11 weeks. Myths, Lies, and Downright Stupidity: Get Out the Shovel - Why Everything You Know Is Wrong, which was published in 2007 by Hyperion, questions the validity of various conventional wisdoms, and argues that the belief he is conservative is untrue. On April 10, 2012, Threshold Editions, an imprint of Simon & Schuster, published Stossel's third book No, They Can't: Why Government Fails - But Individuals Succeed. It argues that government policies meant to solve problems instead produce new ones, and that free individuals and the private sector perform tasks more efficiently than the government does. With financial support from the libertarian Palmer R. Chitester Fund, Stossel and ABC News launched a series of educational materials for public schools in 1999 entitled "Stossel in the Classroom". It was taken over in 2006 by the Center for Independent Thought and releases a new DVD of teaching materials annually. In 2006, Stossel and ABC released Teaching Tools for Economics, a video series based on the National Council of Economics Education standards. Since February 2011, Stossel has written a weekly newspaper column for Creators Syndicate. His articles appear in such online publications as Newsmax, Reason, and Townhall.

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Since February 2011, Stossel has written a weekly newspaper column for Creators Syndicate. His articles appear in such online publications as Newsmax, Reason, and Townhall.