Ghulam Ishaq Khan was born on January 20, 1915, in Ismail Khel Bannu District, N. W. F. P. He did his graduation in Chemistry and Botany and joined N. W. F. P. Civil Service in 1940.

After the unification of West Pakistan into One Unit in 1955, Ishaq Khan was appointed Provincial Secretary of West Pakistan for Irrigation Development. In this capacity he represented the Provincial Government in the Federal Planning Commission. In 1958, he became Member W. A. P. D. A. In 1966, he was appointed Federal Finance Secretary and promoted to Secretary General Defense during Bhutto's tenure.

General Zia appointed him Advisor on Finance and later on as Federal Finance Minister. Ishaq Khan represented his country in various international conferences, which include U. N. Conferences on Finance, I. M. F., O. I. C. and Asian Development Bank.

In February 1985, Ishaq Khan was elected as Chairman of the Senate. After the death of General Zia, Ishaq Khan took over as acting President of the country on August 17, 1988. He was elected President on December 13, 1988, as the consensus candidate of P. P. P. and I. J. I.

In 1993, Ghulam Ishaq Khan was forced to resign from his office due to differences with the Prime Minister.

During his tenure, Ishaq Khan dismissed the Governments of Benazir Bhutto and Nawaz Sharif using discretionary powers given to the President under the controversial Eighth Constitutional Amendment.