He was the son of Louis de Bourbon, and the illegitimate great-grandson of Henry IV of France and his mistress, Gabrielle d'Estrées. He was born in Paris. His mother was Laura Mancini, the elder sister of Olympia Mancini, the mother of Prince Eugene of Savoy, his future opponent.

Orphaned at the age of fifteen, he inherited a vast fortune from his father that had been handed down from his great-grand mother, the duchesse de Mercœur et Penthièvre in her own right. Prior to succeeding his father in 1669, he was known as the duc de Penthièvre. He was raised by his aunt, Marie Anne Mancini, duchesse de Bouillon.

Entering the army at the age of eighteen, he soon distinguished himself by his vigour and personal courage in the Dutch wars, and by 1688 he had risen to the rank of lieutenant-general. In the Nine Years' War he rendered conspicuous service under the duc de Luxembourg at the Battle of Steenkerke and under Nicolas Catinat at Marsaglia. In 1695, he was placed in command of the army operating in Catalonia where he took Barcelona in 1697.

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