Margrave Max was the eldest son of Margrave Berthold of Baden (1906–1963) and Margravine Theodora, née Princess of Greece and Denmark (1906–1969). Theodora was an elder sister of Prince Philip, Duke of Edinburgh and thus Margrave Max was a first cousin of King Charles III.
When Max succeeded as head of the house, he also became the manager of the family business, Markgräflich Badische Verwaltung. The management includes farming and forestry and has also deceloped a fine winery,
The margrave married in 1966 Archduchess Valerie of Austria, b. 1941. They had four children and four grandchildren. Margrave Bernhard's eldest son Leopold, b. 2002, is now the new Hereditary Prince of Baden.