He was born in Manila on July 30, 1913; took law at the University of the Philippines and graduated with cum laude in 1936; placed second in the bar examinations, next to Diosdado Macapagal.
In 1936, Peralta joined the Philippine Commonwealth Army. He attended the Philippine Army Infantry School in 1940, finishing at the top of his class. During the Second World War, Peralta was assigned as the commander of the 61st Provisional Regiment of the USAFFE. On July 1, 1942, he organized the Free Panay Guerilla Forces in Duenas, Iloilo. His unit regained Iloilo on March 20, 1945. Because of his heroism, Peralta was awarded with Distinguished Service Cross and the Silver Star.
After the Liberation, Peralta was sent to the Command and General Staff College, Fort Leavenworth, Kansas, USA. Upon his return, he was promoted to brigadier general, and was designated as Deputy Chief of Staff of the Philippine Army.
In 1949, he ran and won a Senate seat, placing sixth among 26 candidates. When his term ended in 1955, he went back to private law practice.
General Macario Peralta died on December 30, 1965.