Thomas Thorneycroft was born in Willenhall in 10 December 1822. Having completed his education at Wolverhampton Grammar School he joined his father’s successful ironworks, G B Thorneycroft & Company. On 29 June 1847 he married Jane Whitelaw, the daughter of a wealthy Clydeside ironfounder. They went on to have nine children. Thomas Thorneycroft’s rank came from the Queen's Own Royal Regiment of Staffordshire Yeomanry, a sort of territorial army, in which he served.

After his father’s death Thomas inherited his business, which continued to be successful and grew into a large enterprise, with many collieries as well as Shrubbery and Swan Garden ironworks. Large profits were made during the Crimean War from the production of shells and armour plate. By the mid-1870s however the business began to run at a loss due to a recession in the iron trade, and in December 1877 it closed for good. The ironworks and associated collieries were soon sold and Thomas became a full-time member of the landed gentry, enabling him to devote himself to his many interests.

In 1853, Thomas purchased a large Georgian country house in Tettenhall which became known as Tettenhall Towers. He extended and modified the property and designed much of the furniture. Thomas wrote poetry and was a skilled musician who played the violin and had his own band. He was also a keen inventor, who took a particular interest in sanitation and ventilation. His many inventions included an elaborate system of ventilation for the house, a patent for burning microbes in sewer gas, improvements in road carriages, a steerage device for balloons, a full-length mirror door for wardrobes, a glass umbrella so that you could see where you were going in rainy weather, a sock warmer on which to hang socks and shoes to dry, a set of playing cards for the blind and a safety bottle opener. He also designed a battleship, which he patented and sent a copy of the design to the Admiralty. He was also fascinated with balloons, making his own near-fatal ascent in a balloon and joining Captain Morgan in a more successful ascent in 1882.

Thomas supported many good causes, including the Mining Accident Fund, the Prisoners’ Aid Society and the St John’s Ambulance Brigade. He served as a magistrate in Wolverhampton and Shropshire and was appointed Sheriff of Staffordshire on 1 March 1864. He was also was an active member and great supporter of the Conservative Party. Two Tory Prime Ministers, Derby and Disraeli asked him to stand for parliament, but he never did.

In 1902 he visited the Wolverhampton Art and Industrial Exhibition and was fascinated by the great water chute in which boats were hauled to the top of an inclined plane, before plummeting downwards into the lake. He tried it out for himself but unfortunately the boat hit the water slightly askew and Thomas was thrown against the side of the boat. He was badly shaken and became very ill. He never recovered from his illness and died at Tettenhall Towers on 6 February 1903.