Rishi Kapoor was born in south Mumbai, the second son of renowned film director and actor Raj Kapoor. He attended Campion School in Mumbai alongside his brothers, Randhir Kapoor and Rajiv Kapoor, who are also well-known actors.
Rishi Kapoor made his acting debut in his father's 1970 film Mera Naam Joker, playing his father's role as a child. He then went on to play his first lead role opposite Dimple Kapadia in the popular 1973 film Bobby, which became an instant hit among youngsters.
Rishi Kapoor formed a popular pairing with his future wife Neetu Singh in 1974-1981, with the pair achieving success in films with big casts such as Khel Khel Mein, Kabhie Kabhie, Amar Akbar Anthony, Pati Patni Aur Woh, Duniya Meri Jeb Mein, and Rafoo Chakkar.
Despite having 51 films as the solo lead hero from 1974-1997, Rishi Kapoor struggled to achieve success, with 40 of those films being box office flops. However, he managed to score 11 hits, including Bobby, Laila Majnu, Rafoo Chakkar, Sargam, Karz, Prem Rog, Nagina, Honeymoon, Banjaran, Heena, and Bol Radha Bol.
Rishi Kapoor often played the role of younger brother to lead heroes in movies with big casts from 1977-1994, appearing in 41 such films. Of these, 16 were flops and 25 were hits. In the '90s, his hero films Deewana, Damini, and Eena Meena Dika were successful.
Rishi Kapoor received plum lead hero roles in two-hero films only a few times, such as in Hum Kisi Se Kum Nahin, Badalte Roshtey, Aap Ke Deewane, Saagar, Chandni, Deewana, Damini, and Gurudev. Otherwise, in the two-hero films he did in the late 70s and throughout the '80s, it was his co-star whose character overshadowed his and was appreciated more, such as in Katilon Ke Kaatil, Coolie, Sitamgar, and Zamana.
After several box office failures in the 1990s, Rishi Kapoor eventually moved on to supporting roles in the 2000s. He directed the film Aa Ab Laut Chalen in 1999 and his last film as a romantic lead was the 5-year delayed release Karobaar: The Business of Love (2000),which was unsuccessful.
Since then, Rishi Kapoor has played supporting roles in films like Yeh Hai Jalwa, Hum Tum, Fanaa, Namaste London, Love Aaj Kal, and Patiala House. He also appeared in the British films Don't Stop Dreaming and Sambar Salsa. He was paired with Neetu Singh in the film Do Dooni Chaar (2010) and played himself in the movie Chintu Ji.
In 2012, Rishi Kapoor appeared in a villainous role in Agneepath and in the multi-starer Housefull 2, where he appeared with his brother Randhir for the first time.