The youngest of three brothers, Philip graduated from Abraham Lincoln High School in Council Bluffs, Iowa, where Herman was an owner of People"s Department Store. In 1927, Philip Krasne graduated from the University of Michigan, which awarded him both its Chicago Alumni Medal and Paul Gray Testimonial for excellence in oratory.
He received his Bachelor of Laws degree from the University of Southern California School of Law. He was admitted to the bar in 1929. Krasne produced his last film in 1974.
He died in Los Angeles in 1999 and is interred at Hillside Memorial Park Cemetery.