Price was married three times and fathered a son, named Vincent Barrett Price, with his first wife, former actress Edith Barrett. Price and his second wife Mary Grant Price donated hundreds of works of art and a large amount of money to East Los Angeles College in the early 1960s in order to endow the Vincent and Mary Price Gallery there. Their daughter, Victoria, was born in 1962.

Price's last marriage was to the Australian actress Coral Browne, who appeared with him (as one of his victims) in Theatre of Blood (1973). He converted to Catholicism to marry her, and she became a U.S. citizen for him.