Stevens attended Franklin Academy, a public school in North Andover. He graduated from Phillips Academy, Andover, in 1842. He attended Dartmouth College in Hanover, New Hampshire for one year in 1842 and 1843. Stevens joined his father's woolen goods manufacturing business after leaving college and became a partner in the business in 1850 under the name Nathaniel Stevens & Son in North Andover.
Stevens married Charlotte Emeline Osgood in 1853. The Stevenses had three sons and three daughters.
In 1876 Stevens dissolved Nathaniel Stevens & Son. Stevens and his brothers continued the business separately.
His three sons, Nathaniel, Samuel, and Moses, became partners in the business in 1886 and the firm became M. T. Stevens & Sons.
After retiring from Congress, Stevens resumed his interests in the manufacturing business.
He died in North Andover on March 25, 1907, and was interred in Ridgewood Cemetery.[2][4] His estate, Osgood Hill, was saved from destruction and is now owned by the town of North Andover. Now listed on the National Register of Historic Places, it serves as a conference center.
Cutter, William R. (1908). Genealogical and Personal Memoirs Relating to the Families of Boston and Eastern Massachusetts Volume IV. New York: Lewis Historical Publishing. pp. 1808–1809. OCLC4292370.