His father is actor Martin Sheen. His younger brothers are Charlie Sheen and Ramón Luis Estevez, and his younger sister is Renée Estevez. He is most famous as part of the 1980s Brat Pack group of actors, having starred in The Breakfast Club (1985) and St. Elmo's Fire (1985). He also appeared in the cult film Repo Man (1984), as the punk-rocker-turned-car-repossessor Otto. Estevez is probably most recognizable among younger audiences for his role in The Mighty Ducks series. Emilio is very proud of his Spanish and Irish heritage.

He has two kids with ex-girlfriend, model Carey Salley, a son Taylor Levi (born in June 1984) and daughter Paloma Estevez (born 1986). Most recently, he has directed episodes of the TV series, Cold Case, Close to Home, The Guardian and CSI: NY.

He was briefly married to singer-choreographer Paula Abdul.