He started his career as a lawyer at Bombay and in 1913 became Chairman of Bombay Municipal Corporation. In 1920 he joined business and became member of Textile Mill owners' Association of which he became Chairman in 1927. His signing of Lees-Mody pact as its Chairman was subject of debate in Indian nationalist circle. He joined Tata Group as Director in 1939 and served the group till 1959. He also served as director in various companies like - ACC, Tata Hydro, Indian Hotels. He was Director of Central Bank of India till 1968.
He was a member of Indian legislative Assembly for fourteen years from years 1929 to 1943. In 1941 to 1943 he was appointed to the Viceroy's Executive Council with the key portfolio of Supply. He was member of Constituent Assembly of India for years 1948-1949. After independence of India, he was appointed as Governor of United Provinces and Uttar Pradesh for the years 1949-52. He died on 9 March 1969, aged 87.
Mody was knighted as a Knight Commander of the Order of the British Empire (KBE) in the 1935 Birthday and Silver Jubilee Honours List, and was appointed a Grand Commander of the Order of George I by George II, the King of Greece in 1946 for services during the Second World War. A road in Mumbai is named after him as Sir Homi Mody Street.