Stephen Buchanan was born on June 16, 1957, in Hamilton, Scotland. Despite his early aspirations to move to the United States, Buchanan's plans were put on hold after his parents, both struggling with alcoholism, passed away suddenly when he was just 14 years old, leaving him and his five siblings alone. He worked as a bellhop at a local hotel during his teenage years.
As he grew older, Buchanan found employment as a bartender and restaurant manager in Scotland. During a vacation in Spain, his exceptional physical appearance caught the attention of a photographer, leading to a photo session that ultimately resulted in regular modeling work. He relocated to London, where he became an international fashion model, and was eventually signed by the prestigious Ford Agency in the 1980s, prompting a move to New York City.
Buchanan pursued acting studies at the Lee Strasberg Theatre Institute in New York and received coaching from notable playwright and actress Marcia Haufrecht. His hard work paid off when he was offered the role of heartthrob Duke Lavery on the popular soap opera General Hospital in 1986, where he famously sizzled with co-star Finola Hughes. This role served as a launchpad for Buchanan's subsequent television opportunities.
When he left General Hospital in 1989, Buchanan appeared on prime-time television in It's Garry Shandling's Show from 1988 to 1990. He then secured a recurring role as Dick Tremayne on Twin Peaks from 1990 to 1991. In 1990, he played a wealthy magazine publisher who murders his partner in the television movie Columbo Cries Wolf.
Buchanan returned to daytime television in 1993 as the enigmatic psychologist Dr. James Warwick on The Bold and the Beautiful. He became the first actor on the show to receive a Daytime Emmy Award in 1997 and remained with the series until 1999, making occasional returns from 2004 to 2011.
Buchanan's subsequent career saw him take on a variety of guest-starring roles on various TV shows, as well as some film work, including a role as Jodie Foster's Realtor in Panic Room in 2002. He later appeared on several soap operas, including Port Charles from 2002 to 2003, and played a vampire in the 1993 Halloween episode of Quantum Leap.
In addition, Buchanan portrayed the devious fertility specialist Dr. Greg Madden on All My Children in the 1990s and had a short run as Ian McAllister on Days of Our Lives in 2012. After a 23-year absence, Buchanan returned to General Hospital, where he was reunited with Finola Hughes.