Gifford was born in Santa Monica, California, the son of Lola Mae (nee Hawkins) and Weldon Gifford, an oil driller. He graduated from Bakersfield High School. Following Gifford's death in 2015, his wife Kathie Lee Gifford said that her late husband grew up in a poverty-stricken home and that he and his family sometimes ate dog food. She said they lived in 29 places even before Gifford attended high school because his father could not find work during the Depression.

After his playing days ended, Gifford became a broadcaster for CBS, covering football, golf and basketball. When Monday Night Football was launched in 1970, ABC had originally planned to have Gifford in their broadcast booth, but he still had a year remaining on his contract with CBS. He therefore recommended his friend Don Meredith, who was hired. The following year, Gifford replaced Keith Jackson as Monday Night Football's play-by-play announcer, and remained involved with the show for 27 of its next 28 years. His low-key delivery provided a perfect counterbalance to broadcast partners Meredith and Howard Cosell. In an era with only three television broadcast networks, the series became the longest-running prime-time sports program in television history, and developed into one of television's most valuable franchises. In 1986, Al Michaels took over play-by-play duties, and Gifford switched to a commentator role. However, Gifford did play-by-play for the next several years (Gifford was joined by Lynn Swann on color commentary in 1986 and by Dan Dierdorf for the rest of his run on Monday Night Football) whenever Michaels was covering post-season baseball games for the network.  Following his affair with airline flight attendant Suzen Johnson in 1997, Gifford was replaced in the broadcast booth by Boomer Esiason in 1998. That season, he was reassigned to a nominal role for ABC's Monday night pregame show, but the program was cancelled after one season. Gifford was not offered a new role by the network. Gifford was also host of British TV network Channel 4's NFL coverage with British born former New England Patriots kicker John Smith in 1986, which included coverage of Super Bowl XXI.  Gifford was also a reporter and commentator on other ABC sports programs, such as coverage of the Olympics (including the controversial men's basketball Gold Medal game between the United States and Soviet Union at the 1972 Summer Olympics in Munich, which Gifford called alongside Bill Russell), skiing and golf. He announced Evel Knievel's jumps for ABC's Wide World of Sports in the 1970s, including when Knievel failed to clear 13 buses at Wembley Stadium in 1975. Gifford also guest hosted Good Morning America on occasion, including once when he met his future wife Kathie Lee.  In 1977, Gifford won an Emmy Award for Outstanding Sports Personality. He was given the Pete Rozelle Radio-Television Award by the Pro Football Hall of Fame In 1995 for his NFL television work.  Monday Night Football paid tribute to Gifford on September 14, 2015, by having ESPN announcers Mike Tirico and Jon Gruden wear the gold jackets that Gifford helped make famous as a broadcaster.

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