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A Liberal, Wood served as Chancellor of the Exchequer in Lord John Russell's government (1846 - 1852), as President of the Board of Control under Lord Aberdeen (1852-1855), as First Lord of the Admiralty in Lord Palmerston's first administration (1855-1858), and as Secretary of State for India in Palmerston's second government (1859 - 1866). He was created Viscount Halifax in 1866.
Wood was married to Mary Grey, daughter of Earl Grey. Their son, Frederick Wood, was a prominent Anglican.
{| border="2" align="center"
|width="30%" align="center"|Preceded by:
Henry Goulburn
1841-46
|width="40%" align="center"|Chancellor of the Exchequer
1846-52
|width="30%" align="center"|Followed by:
Benjamin Disraeli
1852
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|width="30%" align="center"|Preceded by:
New Creation
|width="40%" align="center"|Viscount Halifax
|width="30%" align="center"|Followed by:
Charles Wood
|}