Storesletten graduated from Norwegian School of Economics in 1991, and earned his doctorate in economics from Carnegie Mellon University in 1995, where Finn Kydland was among his teachers.
He is a professor of economics at the University of Oslo. Between 2009 and 2012 he was a monetary advisor to the Federal Reserve Bank of Minneapolis.
Married Elie Kathrine Seierstad, January 2, 1993. 1 child, Leiv.