The famous mining engineer was born at Sourmires near Ryton, and went to school at Crawcrook. Like George Stephenson, he was indebted to Sir T.H. Liddell for his favour and assistance. Through his influence, he was sent to Killingworth to learn mining engineering, where he met and befriended George Stephenson. Wood assisted Stephenson in experiments on the latter's safety-lamp, and accompanied him to consultations on the Stockton to Darlington railway.
In 1825, Wood published a standard textbook, A Treatise on Railroads, in which he recorded the various locomotives which had been built and the extensive experiments carried out by himself and George Stephenson at Killingworth between 1814 and 1825. Wood was one of the judges at the famous Rainhill Trials.
By the 1830s, Wood had gained a considerable reputation as a colliery and railway engineer and began to acquire interests in other coalmines. In 1844, he became manager of collieries at Hetton and elsewhere. In the mining villages, he promoted the building of schools and frequently emphasised the importance of good education and training. From 1853, he began a campaign to persuade Durham University to establish a College of Science in Newcastle. These efforts paved the way for the College of Physical Science in that city, from which the present University of Newcastle is directly descended.
After the death of the celebrated John Buddle (q.v.) in 1843, Wood was regarded as the chief authority on colliery engineering in the northern coalfield and in 1862 was elected president of the newly-formed North of England Association of Mining Engineers. Neville Hall, Newcastle, the home of the North of England institute of Mining and Mechanical Engineers was opulently rebuilt in 1870 and incorporates the Wood Memorial Hall. Wood's seated statue is in the library. He was buried in Hetton churchyard.