Natasha Gregson was born September 29, 1970 in Los Angeles, to American actress Natalie Wood and British producer Richard Gregson. Her godmother was actress Ruth Gordon. Her parents separated when she was ten months old, and later divorced. Her mother remarried actor Robert Wagner in 1972, and in 1974 they had a daughter, Courtney. Her aunt, with whom she has no contact, is actress and producer Lana Wood. Through her father, she is a cousin of author Jessica Gregson, niece of actor Michael Craig, stepdaughter of journalist Julia Gregson and great-great granddaughter of Reginald Hanson, former Lord Mayor of London. She is distantly related by marriage to baseball player Tim Lincecum via her mother's paternal cousin, Kaisaliisa Zacharenko.
On November 29, 1981, Natalie Wood drowned near Santa Catalina Island. After her mother's death, Gregson Wagner and her half-sister were raised in California by Wagner and actress Jill St. John.
Gregson Wagner attended Crossroads School in Santa Monica. She went on to Emerson College and later transferred to the University of Southern California. She left in 1992 to pursue an acting career.

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