He was born into the wealthy family of Mr. and Mrs. Jay Gould. Jay Gould made his fortune on Wall Street and through ownership of several railroads. The family lived near Union Square in New York City and later relocated to Lyndhurst, Upstate New York. Edwin was one of six children. He attended Columbia University and although he passed all his courses, he evidently was not satisfied with school. So, after three years, he left Columbia without a degree. Because Jay Gould disapproved of his son's decision to leave school, he was not accepted into the family business. Therefore, Edwin set himself up independently as a broker and speculator on Wall Street.

Within six months, he made more than a million dollars by speculating in railroads. His father was so impressed, that he asked Edwin to join the family's business.

In 1892 Edwin Gould met and married Sarah Shrady and Jay Gould died. So at the age of 27, with an inheritance from his father's estate and the fortune that he made for himself, Edwin was worth twenty million dollars.

Edwin and Sarah had two boys and the family maintained a quiet life in New York City. However, they had a particular fondness for an island off the coast of Georgia, so Edwin had a lodge built for the family on Jekyll Island. This became a favorite place to retreat with family and friends.

Edwin was fond of his mother-in-law, Hester Shrady. Her work as a member of the board of managers of the Messiah Home for children impressed Edwin greatly. Hester Shrady donated a great deal of her time and substantial amounts of her wealth to the orphanage. Her efforts impressed Edwin and Sarah so much that they began making contributions of money, food and clothing to charitable organizations. The Sheltering Arms Children’s Services was one of the first children's homes to which Edwin and Sarah made contributions. Agency's records show that Edwin Gould visited the home regularly and was known to the children and staff as the friend and benefactor who gave such treats and goodies, such as tickets to the circus and ice cream during the hot summer months.

Although Edwin derived enormous satisfaction from his contact with the children at Sheltering Arms, it was not until tragedy struck his life that he became so entirely devoted to helping children. His son, Edwin, Jr. was accidentally shot while on a camping trip.

At the funeral services, a large basket of roses arrived from the children of Sheltering Arms, one rose from each child at the home. This tender memorial so moved the bereaved father that he determined to devote his fortune and his time in their behalf. A decision that during the preceding sixteen years brought innumerable benefits to thousand of children inside and outside the United States – a much happiness to himself.

The Lakeside School was the first program under Edwin Gould's direct administration. He also supported the Kingsland School for Boys, which was located in the Bronx, NY.

Later he built the clearing bureau near Pelham Parkway in the Bronx to provide for Protestant children a period of quarantine, which was necessary at that time, before placement in long-term care.

In 1923, through a special act of the New York Legislature, Edwin Gould established the Edwin Gould Foundation for Children to ensure that these services to children would not cease with his death.

In 1939, six years after Edwin Gould's death, the Edwin Gould New York Fund was established as a separate corporation to operate the childcare programs of the Edwin Gould Foundation for Children.

In 1966 the name of the Fund was changed to The Edwin Gould Services for Children.

In 1974 Edwin Gould Services for Children became a separate entity with its own board of directors.

In 2001 Edwin Gould Services for Children changed its name to Edwin Gould Services for Children and Families.