Hays was born in Bethesda, Maryland; his father was a colonel in the Marine Corps.

He has starred in several short-lived television series, including the 1979 series Angie, Starman which he played the title character, and FM. He is best known for his role in the 1980 movie Airplane! and in the 1982 sequel Airplane II: The Sequel as Ted Striker.

He has performed in many television movies and has done voice work such as the title character on the Marvel Comic adpation of Iron Man.

Hays was married to actress Cherie Currie (with whom he has a son) but they have since divorced.