Timothy was born in Colwyn Bay in 1946. His father, Peter, was an advertising agent.
Timothy attended the Royal Academy of Dramatic Arts (RADA) (1964-1966), but did not enjoy his time there, and left to attend the Birmingham Repertory Theatre instead.
He spent a great deal of time working in theatre, particularly Shakespeare, as well as television work, before being cast as James Bond.
Timothy married Ukranian Model Oksana Grigorieva in 1995, and in 1997, their son Alexander Peter Dalton was born.