Catherine Élise Blanchett was born in Melbourne, Victoria, Australia, to June, a property developer and teacher, and Robert Blanchett, a Texan advertising executive who later died when Cate was ten years old. Her multicultural background and upbringing shaped her global perspective and fostered an early interest in the arts.

Blanchett attended the National Institute of Dramatic Art (NIDA) in Sydney, graduating in 1992. This rigorous training provided her with a strong foundation in classical acting techniques and prepared her for a successful career on the stage. Early stage roles with the Sydney Theatre Company, including "Top Girls" and "Hamlet", showcased her emerging talent and earned her critical recognition in Australia.