Corey Haim was born in Toronto, Ontario, to Judy Haim, an Israeli-born data processor, and Bernie Haim, a clothing sales representative. He has a sister, Carol, and a half-brother, Daniel. His family is Jewish. He was raised mostly in Willowdale.

Corey appeared in 26 episodes of the early 1980s Canadian series The Edison Twins (1982). He broke into the film industry in 1984, playing a young child caught up in a family war in the movie Firstborn (1984). The following year, he starred in the TV movie A Time to Live (1985), for which he received a Young Artist Award, appeared in the comedies Secret Admirer (1985) and Murphy's Romance (1985), and had the leading role, Marty Coslaw , in the Stephen King werewolf film Silver Bullet (1985). Lucas (1986), in which he starred alongside Kerri Green and Winona Ryder, showed his acting abilities, with praise coming particularly from Roger Ebert.

In 1987, he had a breakthrough when he played one of the major roles, Sam Emerson, in Joel Schumacher's The Lost Boys (1987). He later starred in the comedy films License to Drive (1988) and Dream a Little Dream (1989), the horror movie Watchers (1988), and the science fiction action drama Prayer of the Rollerboys (1990). Many of his 1990s and 2000s roles were in direct-to-video releases, and he also had a cameo in the action film Crank: High Voltage (2009). His last two films were The Hostage Game (2010) and Decisions (2011).

He died suddenly on March 10, 2010 in Burbank, California, of pneumonia.