Born in Rockhampton, Queensland, Price turned professional in 1978 at age 17. He joined the PGA Tour of Australasia in 1986 and won his first tournament in 1988 at the non-Order of Merit Queensland PGA Championship. He won five Order of Merit titles on the tour, in addition to several more victories both in Australia and internationally.
Price claimed the 2004 New Zealand Open in Auckland at The Grange Golf Club. Young amateur Brad Heaven was the story of the week in an event that was marking the final New Zealand Open for the legendary Sir Bob Charles. Fifty years earlier Charles had won the championship and for much of the four days, it looked like Heaven would be the first New Zealand amateur since to do the same.
A late charge from Terry Price left Heaven one shot behind, having to settle for his second Bledisloe Cup.
Price has also played on the European Tour. He played three seasons in the early 1990s, finishing just inside the top 100 on the Order of Merit in 1994 and 1995, before losing his card at the end of 1996. He returned to the European Tour in 2003 via qualifying school, but had to revisit at the end of the season to regain his card. He achieved a career-best finish on the Order of Merit of 53rd in 2004, but he was unable to build on that and after missing much of the 2006 season due to injury, lost his card at the end of 2007.
Price began playing on the European Senior Tour in 2012 and won his first title in September at the Pon Senior Open in Germany.
