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He was born in England, but his parents moved back to Australia (Geelong)when he was 3 years of age. His father died in a plane crash when Guy was 9 years of age.
Pearce has always been interested in performing, and he excelled at mimicking accents. He started in several plays when he was young, and moved his way into television when he was hired for Neighbours in 1985.
His first major breakthrough into film came with his over-the-top role as a transvestite in Priscilla, Queen of the Desert in 1994. Since then, he has appeared in such films as L.A. Confidential, Ravenous, Rules of Engagement, Memento, The Count of Monte Cristo and The Time Machine.