Peter was born in Imola, where Cornelius, bishop of Roman Catholic Diocese of Imola, baptized him, educated him, and ordained him a deacon. He was made an archdeacon through the influence of Emperor Valentinian III. Pope Sixtus III appointed Peter as Bishop of Ravenna (or perhaps archbishop) circa 433, apparently rejecting the candidate whom the people of the city of Ravenna elected.
The traditional account, as recorded in the Roman Breviary, is that Sixtus had a vision of Pope Saint Peter the Apostle and Saint Apollinaris of Ravenna, the first bishop of that see, who showed Sixtus a young man, the next Bishop of Ravenna. When a group from Ravenna arrived, including Cornelius and his archdeacon Peter from Imola, Sixtus recognized Peter as the young man in his vision and consecrated him as a bishop.
People knew Saint Peter Chrysologus, the Doctor of Homilies, for his short but inspired talks; he supposedly feared boring his audience. His piety and zeal won universal admiration. After hearing oratory of his first homily as bishop, Roman Empress Galla Placidia supposedly gave him the surname Chrysologus, meaning "golden-worded." Empress Galla Placidia patronized many projects of Bishop Saint Peter. In his extant homilies, bishop Peter explained Biblical texts briefly and concisely.
He also condemned Arianism and Monophysitism as heresies and explained beautifully the Apostles' Creed, the mystery of the Incarnation, and other topics in simple and clear language. He dedicated a series of homilies to Saint John the Baptist and the Blessed Virgin Mary. Peter advocated daily reception of Eucharist. He urged his listeners to confide in the forgiveness offered through Christ.
He shared the confidence of Saint Pope Leo I the Great (440-461), another doctor of the Church. A synod held in Constantinople in 448 condemned Eutyches for Monophysitism; Eutyches then appealed to Saint Peter Chrysologus but failed in his endeavour to win the support of the Bishop. The Acts of the Council of Chalcedon (451) preserves the text of letter of Saint Peter Chrysologus in response to Eutyches; Peter admonishes Eutyches to accept the ruling of the synod and to give obedience to the Bishop of Rome as the successor of Saint Peter. Archbishop Felix of Ravenna in the early eighth century collected and preserved 176 of his homilies. Various authors edited and translated these works into numerous languages.