Isaac Thomas Price was born in Ohio in 1855. He was the first of three children born to John Isaac Price and Mary Ann Wingrove Price, and the only child of theirs to survive to adulthood. His parents were both Mormon converts and immigrants from the United Kingdom. His siblings were Margaret Caroline Price and John Richard Price. Margaret died as an infant in 1859.

In August of 1864, when Isaac was 8 years old, his parents decided to join the main body of the LDS Church in the Utah Territory. They joined the Warren S. Snow company, a Mormon wagon train departing from eastern Nebraska. On September 3, 1864 Isaac's mother Mary Ann was killed in a wagon-related accident. Family stories state that Isaac asked his mother for water, and as she attempted to climb out of the wagon, her skirt caught the brake rod. She became entangled and the wagon ran over her. The pioneer diary of Jesse Smith states that Mary Ann was buried near the deserted Peniston and Miller Ranch (which is in present-day Dawson County, Nebraska). Isaac's infant brother John Richard also died during the trek west.

Isaac and his father John reached the Utah Territory in November, 1864 and they settled in Wanship, Utah. There, Isaac's father met and married Ellen Hick, a fellow Welsh immigrant and LDS convert. Ellen gave birth to Isaac's half-brother John Thomas Price in 1867. The family stayed in Wanship until about 1872 when they moved 100 miles north to the Bear Lake Valley.

In the Laketown and Round Valley areas, Isaac grew up and met Ann Maria Reed. They were married in September 1878 in the Endowment House in Salt Lake. They lived in Round Valley, about a half-mile north of his father's farm, where they farmed and raised sheep. Isaac later served as a bishop in the Round Valley Ward of the LDS Church and was an active member of the community. Together, Isaac and Ann had 12 children: Alice Annie, Elizabeth Ellen, Mary Ann, Isaac Elvin, Ezra Luther, Franklin Jesse, Wilford Marion, Myrtle Henrietta, twin boys Laverne Reed and Melverne Wingrove, Leslie Lyman and Asael Woodruff. Nine of his children survived to adulthood, and from them he had over 40 grandchildren.

Isaac contracted pneumonia in the spring of 1912 and died at the age of 56 on May 5th of that year. His daughters Elizabeth and Mary Ann wrote: "His death was considered very untimely and was a great shock to his family and all who knew him for his circle of friends extended throughout the region." He was buried in the Round Valley Cemetery in the same grave as his infant twins, Melverne and Laverne, who died in 1900. His wife Ann was later buried with them. The headstone marking their grave bears in honor of Isaac, a "Faith in Every Footstep" plaque which commemorates Mormon Pioneers.