Wu was born in Berkeley, California, and raised in Orinda, California. His parents were immigrants from Shanghai, China. Wu developed an interest in martial arts when he saw Jet Li in The Shaolin Temple, and consequently began studying the form known as wushu at age 11. His childhood role model was Jackie Chan, a man who now considers Wu "like a son."

Wu attended the Head-Royce School in Oakland, California and later majored in architecture at the University of Oregon. While there, he founded the University of Oregon Wushu club in 1994 and served as the team's first coach. During this time, Wu also took film classes and frequented local theaters, and came to enjoy the works of filmmakers like Akira Kurosawa and Luc Besson, who he describes as "men of vision." Following graduation, Wu traveled in 1997 to Hong Kong to witness the handover of Hong Kong, with no intention of taking on a movie career. At the suggestion of his sister, Wu began modeling. Four months later, film director Yonfan, after seeing Wu featured in a clothing ad at an MTR station, approached Wu about starring in an upcoming movie.

Wu maintains residences in Hong Kong, Shanghai, Beijing, and Oakland, California. He continues to actively train in wushu as well as other martial arts.

On April 6, 2010, Wu married American model Lisa Selesner in South Africa. Their daughter, Raven, was born in June 2013.

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