George William Bailey was born on August 27, 1944 in Port Arthur, Texas. Although Bailey started college at Lamar University in Beaumont, he eventually transferred to Texas Tech University in Lubbock. He did not complete his studies. He worked at local theater companies during the mid 1960s until his move to California, sometime in the 1970s. Here he began his work on such television series as Starsky and Hutch (1975), Charlie'nin melekleri (1976) and CHiPs (1977). He eventually got a movie debut role in the Chuck Norris movie Tek adam (1979) before landing the role of Luther Rizzo in M*A*S*H (1972). In 1993, he returned to Texas to study again, this time at Southwest Texas State University. In 1994, he graduated with a Bachelor's degree of Fine Arts, Theatre and, for the 1999-2000 school year, he was the Artist in Residence.

While in his 30s, Bailey went prematurely gray, leading to roles of characters much older than his actual age. Although he prefers dramatic acting, his most famous role will always be that of Captain Thaddeus Harris in Polis Akademisi (1984). Since his goddaughter was diagnosed with leukemia, he has worked voluntarily for the Sunshine Kids Foundation, organizing trips for young cancer sufferers. In 2001, he was announced as the executive director of the foundation.