Peter Konstantinov Deunov was born on July 12th , 1864 in the village of Hadardja (now called Nikolaevka), Varna region, in the family of the priest Konstantin Deunovski. He was the descendant of two great families of the Bulgarian Revival period. His mother Dobra was the daughter of landowner "chorbadji" Atanas Georgiev, the mayor of Nikolaevka who opened the first Bulgarian school in Varna region. His father, Deunovski was the priest who first led the service in Bulgarian in St Michael's Church in Varna and was a fervent supporter of our religious freedom and enlightenment.

He finished his secondary education in Varna where he attended high school for boys only. In 1886 he graduated from the American School of Theology in Svishtov. In the autumn of 1887 until the summer of 1888 he was a teacher in the village of Hotantsa, Russe district.

In 1888 he left for the USA. There he studied at The Drew University Theological School in Madison, New Jersey from 1888 to 1892. He was enrolled at Boston University School of Theology from 1892 to 1894. After he took his degree in 1894 Peter Deunov took a course in medicine at the School of Medicine at Boston University.

In 1893 Peter Deunov presented his diploma study "Migration of the German Tribes and Their Christianization". He was the first Bulgarian to take scientific interest in and to research these topics. Today his study is being considered by the international scientific community.

In 1895 he returned to Bulgaria and settled in Varna. He refused the positions of Methodist and Theosophic preacher. In 1896 he published the book Science and Education in which he wrote about the foundations of the new culture that was to come with the next century. In 1896 he was one of the founders of "P. R. Slaveikov" Cultural Centre; he was appointed librarian at the centre and in the next couple of years he held scientific lectures for the people in Varna.

In 1897, at the age of 33, Peter Deunov and some of his followers established a "Society for the Elevation of the Religious Spirit of the Bulgarian People" that was later to become the Universal White Brotherhood. In the same year he published a brochure with mystic text entitled "Hio-Eli-Meli-Mesail".
In 1898 he established contact with his first disciples and started active correspondence with them. In the same year he wrote and delivered a lecture at the Charity Spiritistic Society in Varna entitled "An Appeal to My People" that was aimed to provoke awareness of social and spiritual self-identification. In the following year he wrote "The Ten Testimonies of God and the Divine Promise".

In 1900 in Varna he met with his first three disciples. That meeting and the following meetings were called "Meetings of the Chain". Peter Deunov distinguished himself with the depth and insight of his lectures and became known as the Master.

After 1900 Peter Deunov started travelling around Bulgaria and for 12 years delivered many lectures on spiritual topics. While he was travelling and meeting with many people he made the first in Bulgaria phrenological and anthropometric measurements of the Bulgarian skull. The results were partially published in Rodina Magazine.

In 1904 Peter Deunov settled in Sofia, and from 1914 on, his Sunday talks became public.

In 1912 at the village of Arbanasi, near Veliko Tarnovo, he worked on the Bible and wrote "The Testament of the Colour Rays of Light" which was published in September that year.

On March, 16th, in Sofia, he delivered the lecture "Behold the Man" the first lecture to be officially recorded in shorthand which started the series of lectures "Power and Life". In that series he proclaimed the basic principles of his teaching which he called "The New Teaching of the Universal White Brotherhood". During 1917 – 1918 at the time of the First World War, the government of Prime Minister Vasil Radoslavov interned him in Varna with the argument that his teaching was demoralizing the soldiers fighting on the frontline. After the War the number of his followers grew quickly.

In 1922 he established the Spiritual School of the White Brotherhood that included "General Esoteric Class" and "Youth Esoteric Class". The School combined knowledge of theory with spiritual practices, methods of self-improvement, exercises to develop the body, mind and personal will.

In 1927 he established near Sofia a settlement called Izgreva – today it is a residential district of the city- where his listeners, followers and disciples gathered. The Master settled there permanently and proceeded to deliver lectures periodically about the different series of his Word in the specially built centre.

Since 1929 until today the Summer Spiritual School has been held near the Seven Lakes in Rila Mountain. That is the place where his disciples get into contact with Nature.

In the early 1930s on the open space in Izgreva near Sofia the Paneurhythmy was born – the sacred circular dance whose movements and melody were created by the Master.

His testament is invaluable spiritual legacy – over 4000 lectures and talks, 160 musical works, phrenological maps and research, the Paneurhythmy and various methods of self-improvement.