Laxman was born in Hyderabad, Andhra Pradesh state (present-day Telangana). Laxman’s parents are noted physicians Dr. Shantaram and Dr. Satyabhama of  Laxman is the great grand-nephew of India’s second President Dr. Sarvepalli Radhakrishnan.

Laxman studied at the Little Flower High School, Hyderabad. Though he joined a medical school for his undergraduate studies, Laxman chose cricket as a career.

He married G. R. Shailaja from Guntur, Computer Applications graduate, on 16 February 2004. They have two children – a son, Sarvajit, and a daughter, Achinthya.