He was the eldest son of Sir John Colleton, 1st Baronet, of Exeter, Devon, who he succeeded in 1667.
He became a merchant and was a Member of the council of the Barbados in 1664-84. He was a member of the Royal Adventurers into Africa in 1667-72 and a member of the Hudson’s Bay Company from 1670 to his death.
He was elected a Fellow of the Royal Society in 1677.
- "COLLETON, Sir Peter, 2nd Bt. (1635-94), of Exmouth, Devon and Golden Square, Westminster.". History of Parliament Online. Retrieved 23 October 2016.
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