He was raised by his grandmother in Osogbo, who inculcated in him the virtues of Christian life through the early morning prayers which he attended with her. She also taught him the importance of tithing and other basic Christian virtues.

David Oyedepo gave his life to Jesus Christ in 1969 through the influence of his former teacher, Ms Betty Lasher, who took a special interest in him during his high school days. He studied Architecture at Kwara State Polytechnic, Ilorin, and worked briefly with the Federal Ministry of Housing in Ilorin before resigning to concentrate on missionary work.  David Oyedepo also earned a PhD in Human Development from Honolulu University, Hawaii, United States of America.

In 1982 he married Florence Abiola Akano (now known as Faith). They have four children together (David Jr., Isaac, Love, and Joy). David Jr. and Isaac Oyedepo were ordained as Pastors in May 2007 by Kenneth Copeland.