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Son of Alexander Ballantyne who had been a close friend of Sir Walter Scott. His uncles were John and James Ballantyne, the publishers of the early Waverley novels. Educated at Edinburgh Academy and at the Trustees Academy from 1828 under Sir William Allan and Thomas Duncan also studied in London, Paris and Rome. Ballantyne later became Master of drawing and colour at the Trustees Academy in circa 1845. Whilst in Edinburgh he was a Member of the sketching club known as the Smashers' Club alongside the Faed brothers and James Archer. Ballantyne removed to London permanently in circa 1864 and produced a series of portraits of artists working in their studios. Ballantyne had began exhibiting at the RSA Annual Exhibitions in 1831 and continued to exhibit until 1887. He became an Associate Member in 1841 and an Academician in 1860.