He was the son of Archibald Campbell, Master of Campbell and Elizabeth Somerville (daughter of John Somerville, 2nd Lord Somerville and Helen Hepburn).
He succeeded his grandfather Duncan Campbell, 1st Lord Campbell in 1453, and was created Earl of Argyll in 1457 and Lord Lorne in 1470, after the resignation of his wife's uncle Walter Stewart, 3rd Lord Lorne, who became Lord Innermeath.
Campbell had supported King James II against the "Black Douglases", led by the 8th Earl of Douglas, and was given the earldom by King James III. James also gave him the position of Lord Chancellor of Scotland, but he eventually collaborated in the slaying of James III in 1484. In 1488 he became Lord Chancellor again, this time given by James IV of Scotland.
He married Isabelle Stewart, daughter of John Stewart, 2nd Lord Lorne in 1465. His oldest son was Archibald Campbell, 2nd Earl of Argyll, his middle son was Thomas Campbell, and his youngest son was Sir Colin Campbell of Glen Orchy (who was the ancestor of the Earls of Breadalbane).