Crudup was born in Manhasset, New York. His parents, Georgann (née Gaither) and Thomas Henry Crudup III divorced during his childhood, and later remarried, before divorcing a second time.[4][5][6] Crudup has spoken of his late father, who died in 2005, as an "incessant gambler and hustler salesman" who continuously sought "to hit the jackpot" throughout his life.[7]
On his father's side, he is a descendant of Congressman Josiah Crudup of North Carolina.[8] His maternal grandfather was William Cotter "Billy" Gaither, Jr., a well-known Florida trial lawyer, and his maternal grandmother later remarried to Episcopal bishop James Duncan.[9][10][11]
The middle-born of three brothers, Crudup's brothers, Tommy and Brooks, are both producers. He left New York with his family when he was about eight years old, first living in Texas, then in Florida. He graduated from Saint Thomas Aquinas High School in Fort Lauderdale, Florida in 1986.
Crudup began acting in films such as 1996's Sleepers, 1997's Inventing the Abbotts, and 1998's Without Limits, where he played the role of running legend and Olympian Steve Prefontaine. His first role in an animated feature was in 1999's English release of Princess Mononoke, in which he starred as Ashitaka. He then played lead guitarist Russell Hammond from Stillwater, the fictional band at the center of Cameron Crowe's Almost Famous (2000). In 2006's The Good Shepherd, he played British spy Arch Cummings, a stand-in for Kim Philby. The same year, he played a supporting role in Mission: Impossible III. In 2007, he played the leading role of Henry Roth in the film Dedication.
From 1998 to 2005, Crudup was the narrator for the U.S. television ad campaign "Priceless" for Mastercard. In the ads, the narrator (Crudup) lists the prices of two goods or services, then lists some third, intangible benefit gained from those purchases and concludes, "priceless". He said in 2005 that appearing in the ads "changed my life", in that they gave him the financial freedom to pursue the acting work that he wanted to do.[17]
From 1996 to November 2003, Crudup was in a relationship with actress Mary-Louise Parker. She was seven months pregnant with their son, William Atticus Parker, born in January 2004, when Crudup ended their relationship and began dating actress Claire Danes.[18] Crudup and Danes separated in 2006.[19][20] In 2017, Crudup began dating British actress Naomi Watts, after the two met on the set of the Netflix drama series Gypsy.[21] The couple married in New York City in June 2023.[3][22] In June 2024, Watts and Crudup celebrated their nuptials in a second ceremony surrounded by their family in Mexico.[23]