Peter Wagner was born in Herne as the second of four children. His parents, both passionate amateur musicians, tried to inspire their kids for music since childhood. Eventually Peter Wagner learned his first instrument, the classical guitar. He started to play on the electrical guitar a few years later and, inspired by Lemmy from Motörhead, finally switched to the electric bass in the early 1980s.
In 1983, Wagner founded together with the two guitar players Jochen Schroeder and Alf Meyerratken the heavy metal band called Avenger. In 1986, the band's name was changed to Rage. He is the only member of the band to have stayed in it throughout its history. He currently performs as the band's bassist and singer.