Fraser attended Magdalen College, Oxford, and was elected a Liberal member of Parliament in 1955. He held cabinet posts in the coalition government of the Liberal and National Country (since 1982 National) parties as minister for the army (1966–68), as minister for education and science (1968–69, 1971–72), and as minister for defense (1969–71).

In March 1975 Fraser won the leadership of the Liberal Party, and in November he was named prime minister after the Labor government—which had been in power since 1972—had been dismissed; his appointment received electoral approval in December, when the Liberal and National Country parties won by large majorities, and he set up another coalition government. As prime minister Fraser attempted to curb inflation by such orthodox measures as trimming government spending and discouraging union demands for large wage increases. He was also a firm supporter of Australia's defense commitments within the ANZUS Pact alliance. Fraser's government was again successful in elections held in 1977 and 1980, but it was defeated by the Labor Party in an election held in March 1983. Fraser immediately resigned as party leader and shortly thereafter resigned his seat in Parliament.