Masters was born in Melbourne in 1838. He was Mayor of Greymouth for several terms.
He represented the Grey Valley electorate from 1879 to 1881, when he resigned. He sent his resignation from Melbourne in May 1881, stating that his medical advisers feared for his life if he travelled to New Zealand in his poor state of health. Masters died later in the year in Richmond, Melbourne, on 27 November. He was 43 years old and is buried at Kew Cemetery.