Catherine Élise Blanchett was born in Ivanhoe, Melbourne, Australia, to June (née Gamble), a property developer and teacher, and Robert DeWitt Blanchett Jr., an American advertising executive, originally from Texas. She has an older brother, Bob, and a younger sister, Genevieve.

Cate displayed an early interest in performing arts and attended primary and secondary school in Melbourne. She was known to enjoy various school activities, including debating and drama clubs.

As a teenager, Blanchett traveled overseas. She spent time in the UK and worked at a nursing home. These experiences broadened her perspective and contributed to her understanding of different cultures and life experiences.

Blanchett attended Methodist Ladies' College in Melbourne, where she continued to nurture her interest in the performing arts and other subjects.

Cate initially pursued studies in economics and fine arts at the University of Melbourne but felt unfulfilled. She deferred her studies to travel.

Realizing her passion for acting, Blanchett successfully auditioned for NIDA, Australia's premier drama school. She honed her skills there, receiving rigorous training and laying the foundation for her future career.

Blanchett successfully completed her studies at NIDA, graduating with a Bachelor of Fine Arts (Acting). This marked a significant step towards her professional acting career.