Joseph Reid Anderson, Jr., was born on February 22, 1851, in Richmond, Virginia, to Joseph and Sarah Anderson. His father owned the Tredegar Iron Works, and he owned $480,000 of real estate and $275,000 of personal property by 1860. Anderson grew up and attended school in Richmond. He enrolled at the Virginia Military Institute (VMI) in 1870 and transferred to the University of Virginia the following year.
He married Ann Morris on October 8, 1873, and they had at least two children: Moris, born around 1875; and Julian, born around 1876. They lived in Tuckahoe, Virginia, and Anderson succeeded his father as the head of Tredegar Iron Works. He served as president of the VMI Alumni Association. He died of angina pectoris in Goochland County, Virginia, on January 30, 1930.