He was born in Barisal, Bangladesh and educated at Scottish Church College, Calcutta, from where he earned his Undergraduate Degree in Chemistry (B.Sc). After that he attended and graduated from the Film and Television Institute of India, Pune.It is a little known fact that Mithun was a staunch Naxalite before entering the film industry. But tragedy struck his family when his only brother got accidentally electrocuted and killed in a freak accident.
Mithun returned to his family and left the Naxalite fold, even though doing so posed a grave risk to his own life from the Naxalites, because this was considered a one-way road (it was an unwritten law somewhat like an Omerta, that one could not abandon the Naxalite cause once it had been embraced). This proved to be a turning point in his life and became one of the prime causes that led to his iconic status. Another lesser known fact is that he had undergone expert training in martial arts.
Mithun is married to Indian actress Yogita Bali and has four children, three sons and one daughter. The eldest son, Mimoh Chakraborty is an actor in Bollywood, who made his debut in the 2008 film Jimmy. Numerous sources claim that Chakraborty had a relationship with actress Sridevi from 1986 to 1987, and that Sridevi ended the relationship when she found out that he had not divorced his first wife, Yogita Bali. Chakraborty and Sridevi were believed to have been secretly married and that the union was later annulled.