Lee Jae-yoon debuted as an actor in the 2004 MBC sitcom Nonstop 5. He has since appeared in numerous TV series such as the MBC dramas Heading to the Ground in 2009 and A Man Called God in 2010. In 2011, he starred in the SBS weekend series My Love by My Side, which won him the New Star Award at the SBS Drama Awards. In 2014, he became part of director Kwon Chil-in’s film Venus Talk. In 2015, he acted alongside Choi Kang-hee and Chun Jung-myung in the tvN series Heart to Heart. That same year, he played supporting roles in SBS’s I Have a Lover and MBC’s Dazzling Temptation. In 2016, he joined the casts of the tvN series Oh Hae-young Again and the MBC drama Weightlifting Fairy Kim Bok-ju. In 2019, he was cast as one of the main characters in TV Chosun’s fantasy-comedy-sageuk Joseon Survival Guide.

Lee Jae-yoon, who is also known by the English name Peter Lee, was raised in Toronto, Ontario, Canada. He attended St. Elizabeth Catholic High School and University of Toronto during his stay overseas. He later graduated from South Korea’s Dongguk University with a degree in theater arts. In November 2022, he married his non-celebrity girlfriend.