Of patrician family, Falier spent many years in high positions in the Venetian government. During Venice's struggle with Genoa and Hungary for naval predominance in the Adriatic, he commanded in the Venetian victory over the Hungarians at Zara (1348). He continued to defend Venetian interests against these two powerful foes, leading a naval squadron against Genoa (1352) and playing a major role in peace negotiations.

As ambassador at Avignon, Falier was negotiating with Pope Innocent VI (reigned 1352–62) to resolve the dispute with Genoa when he was elected doge in September 1354. The rout of the Venetian fleet by the Genoans at Porto Longe (November 1354) obliged Falier to negotiate a four-month truce. The humiliating defeat and the subsequent truce aroused the hostility of the patricians, engaged in a struggle for power with the doge.

Either personally provoked by a patrician or impelled by purely political reasons, Falier led a plebeian plot to kill all the nobles, whose power would revert to the people and to the doge in particular. The plot was discovered, however, and Falier, along with his accomplices, was tried and executed.