Benjamin Russell was born to a wealthy and prominent New Bedford family. His father, Seth Russell, had prospered in the whaling and mercantile trades, and young Russell grew up among the excitement and prosperity of the whaling industry

He was involved for some time in the family's successful business ventures, but his family fortune dissolved in the banking crises of 1832 and 1833. In 1841 he left New Bedford on the ship Kutussoff to pay his debts and seek his fortune. He served for three years and five months as a cooper on board this whaling vessel, and he was able to record in sketches and in his memory enough whaling material to return home with ample subjects to paint. Russell decided to recapture the entire voyage on canvas. He collaborated with Caleb Purrington to produce a Panorama of a Whaling Voyage Round the World that could be shown on the stage to paying audiences. This panorama is the earliest surviving artistic work by Russell. Russell painted ship portraits and his portraits were appreciated more for their accurate representation than their artistic value.

In 1848 Russell turned to lithography as a medium for his work and he produced many lithographs for the whaling community. As well as recording ships he drew domestic scenes, cartoons and landscapes. He died at the age of eighty.