Ty McCoy was born in Gainesville, Florida on April 25, 1945.^[1] He was educated at the United States Military Academy at West Point, receiving a B.S. in engineering in 1967.^[2]

After graduating from West Point, McCoy joined the United States Army, serving as an Army field artillery officer in command and staff assignments in the United States, Europe, and Vietnam.^[1] He left the Army in 1972, and became a member of the Long-Range Planning and Net Assessment Group in the Office of the United States Secretary of Defense.^[2] From 1973 to 1977, he was Staff Assistant and later a Deputy Assistant to the Secretary of Defense.^[2] In 1977, he was the Scientific Adviser to Assistant Secretary of the Navy for Research, Engineering and Systems David E. Mann.^[2] From 1979 to 1981, he was Assistant for National Security Affairs to Sen. Jake Garn (R–Utah).^[1]

In April 1981, President of the United States Ronald Reagan nominated McCoy to be Assistant Secretary of the Air Force (Manpower & Reserve Affairs), and McCoy subsequently held that office for the duration of the Reagan Administration.^[2] McCoy also served as the Acting Under Secretary and Acting Secretary of the Air Force for a period of time throughout the Reagan Administration as well.

After leaving government service in 1989, McCoy joined Thiokol as Senior Vice President for Government Relations.^[2] He later founded the George Washington National Bank and served as the bank's Vice Chairman.^[2] In 1998, he founded Washington Capital Partners, LLC, and has since served as its chairman.^[2]

Since May 2012 McCoy has served on the board of trustees for the Institute of World Politics and became the Vice Chairman in 2018.^[3] Additionally, he serves on the board of advisors of the Code of Support Foundation, a nonprofit military services organization.^[4]