Sri Yukteswar was born to a wealthy business man and his wife on May 10, 1855, in Serampore, India. He was given the name Priya Nath Karar.
Upon leaving college, he married and had a daughter, and in 1884 he became a disciple of Lahiri Mahasaya. After the death of his wife, Priya Nath Karar became a Swami and received the name Sri Yukteswar Giri.
He met Babaji, the guru of Lahiri Mahasaya, in 1894. Babaji told him that one day he would send Sri Yukteswar a disciple who would share the teachings of yoga in the West. This disciple turned out to be Paramhansa Yogananda, who is best known for his book, Autobiography of a Yogi. Babaji also asked Sri Yukteswar to write a book on the essential unity of the Bible and Bhagavad Gita, the most well-known scripture in India. Sri Yukteswar titled this book The Holy Science.
Sri Yukteswar founded two hermitages, one of which was his family home given to him by his father as his inheritance. In the last year of his life, Sri Yukteswar turned over all his properties to Paramhansa Yogananda, asking him to find someone to maintain them.
Sri Yukteswar left his body on March 9, 1936. Soon after, he appeared to Yogananda and described to him the nature of the afterlife. This description can be found in Autobiography of a Yogi.