Paget entered the Army during the reign of King William III, and was many years an officer of the 8th Horse (later 7th Dragoon Guards), with which corps he served under the Duke of Marlborough. On 1 August 1710 he was promoted to the lieutenant-colonelcy of the 8th Horse.[3] He was made captain of a company in the 1st Foot Guards (ranking as a lieutenant-colonel of Foot) on 5 March 1711, and lieutenant-colonel of the 1st Troop of Horse Grenadier Guards on 10 March 1715.[4] Paget stood unsuccessfully as Member of Parliament for Ilchester in the general election of 1722, but was returned on 11 December on petition. He did not stand in 1727[2] but instead took the post (until his death) of Groom of the Bedchamber to King George II.
On 28 July 1732 Paget was nominated colonel of the 32nd Regiment of Foot, from which he was removed on 13 December 1738 to the 22nd Regiment of Foot. In 1739 he was promoted to the rank of brigadier-general,[3][4] and in 1741 was appointed Deputy-Governor of Minorca, dying there the same year.[2]