Dean was raised in Edinn, Minnesota. He attended Brown University for his bachelors in urban studies and earned his master’s in business administration from the University of Minnesota's Carlson School of Business. Dean has two adult daughters. He lives in Minnesota with his wife, Annalise. He is Jewish.

Dean was the regent at Saint John's University and Board Chair of Allina Health, the operator of Abbott Northwestern, Mercy-Unity and United Hospitals. Dean previously led his family business, Phillips Distilling. Before that, he was the CEO of Talenti Gelato. He was the co-chair of WE Day Minnesota at Free the Children. Dean then co-founded Penny’s Coffee.

Dean Phillips is currently a U.S. Representative representing Minnesota's Third Congressional District in Congress. He has been in office for three terms, since 2019. He is the Vice Ranking Member of the House Small Business Committee and Ranking Member of the House Foreign Affairs Middle East, Northern Africa, and Central Asia Subcommittee. He is also a member of the bipartisan Problem Solvers Caucus, co-founder of the Stakeholder Capitalism Caucus, and a member of the Entrepreneurship Caucus. He was named a Fiscal Hero by the Committee for a Responsible Federal Budget and was recognized by the U.S. Chamber of Commerce with the Jefferson-Hamilton Award for Bipartisanship in the 116th and 117th Congress.