Csíkszentmihályi was born in 1934 in Rijeka, then part of the Kingdom of Italy. He emigrated to the United States in 1956. After graduating from the University of Chicago in 1959, he taught at Lake Forest College.
Csíkszentmihályi was elected external member of the Hungarian Academy of Sciences in 1998. In 2011, he was awarded the Széchenyi Prize for his research on developmental education, creativity, talent and skills and his development of flow theory. In 2014, he was awarded the Order of Merit of Hungary, Grand Cross, civilian division. He was also a holder of the Prima Primissima Prize.