Petar Krstic was born on June 16, 1926 in Belgrade, former Yugoslavia. In 1948 he started his Sculpture studies at the Academy of Applied Arts in Belgrade, as the first post-war generation of art students at the Academy. He was a founding member of the Sculpture department at the Academy of Fine Arts in Sarajevo.

He is most known for his World War II memorials and monuments, mostly found throughout the territory of Bosnia and Herzegovina, such as the Memorial Complex Susnjar in Sanski Most (1970), Monument to the People's Liberation Struggle, Vogosca (1967), Monument to the Fallen Fighters at Bratunac (1978?), Monument to the Revolution and Fallen Soldiers in Ilidza (1961) and many more.

He died on March 3, 1990 in Belgrade.