Sheldon Levy was educated at Downsview Public and Secondary School in Toronto. He was awarded a Bachelor of Science, an MA in Mathematics, and a Doctor of Laws honoris causa from York University.
Prior to assuming his role as President and vice-chancellor at Ryerson University, Levy served as Vice President Finance and Strategy, University of Ontario Institute of Technology; Vice President Government and Institutional Relations, University of Toronto; President, Sheridan College; and Vice President Institutional Affairs, York University. He has held numerous executive positions with a variety of organizations throughout his career. His current appointments include: Council of Ontario Universities Executive Committee and Government & Community Relations Committee; Board of Directors, Toronto Waterfront Revitalization Corporation; Advisory Council, Toronto Region Board of Trade; Board of Governors, Trails Youth Initiatives; and Board of Directors, Pathways to Education Canada.

Sheldon Levy became the President and Vice-Chancellor of Ryerson University between 2005, holding the post until 2015. During his tenure as President, Levy helped establish the Ryerson Digital Media Zone, facilitated the purchase of Maple Leaf Gardens, transformed Ryerson campus into a pedestrian zone, oversaw the opening of the Ted Rogers School of Management, and presided over the development of the Ryerson Student Learning Centre on Yonge Street. . He has lectured in computer science and mathematics.

Sheldon Levy was appointed Deputy Minister of the Ontario Ministry of Training, Colleges and Universities on December 1, 2015. The ministry became the Ministry of Advanced Education and Skills Development on June 13, 2016.