Moritz was born in Los Angeles, California, to Milton Moritz and Barbara (née Levin). His paternal grandfather, Joseph Moritz, owned movie theaters in Pittsburgh and Los Angeles and was an early investor in American International Pictures (AIP). Milton Moritz was born in Pittsburgh and moved to California after falling ill with rheumatic fever at age 8, when his doctor suggested the family move to a better climate. He was head of marketing at AIP and was later CEO and president of the National Association of Theatre Owners of California/Nevada. Moritz is from a Jewish family.
Moritz grew up in Westwood and graduated from UCLA, where he participated in a Semester at Sea program. When he came back, he gave away several backpacks that were popular with Chinese students. He had so many requests for the backpacks that he and a friend began a company importing purses and bags from Taiwan. He sold the company to an investor, and returned to school. He earned a master's degree from the University of Southern California's School of Cinema-Television in 1985. He is a member of the school's Alumni Development Council. As of April 2017, Moritz has been married for 15 years and has two children, aged 17 and 14.
One of his earliest movies was Juice with Tupac Shakur. Moritz has more than seventy films to his credit, including I Know What You Did Last Summer, Urban Legend, Cruel Intentions, The Skulls, The Fast and the Furious franchise, Not Another Teen Movie, XXX, S.W.A.T., Evan Almighty, I Am Legend, Made of Honor, Total Recall and 21 Jump Street. Moritz is also credited for Prison Break, and he produced Cabin by the Lake, its sequel Return to Cabin by the Lake and The Glass House. In December 2011, Moritz announced plans to produce a reboot of the Starship Troopers film franchise; this reboot is said to be more faithful to the source material than the previous films, which feature little in common with the original novel apart from the general setting and character names. Starting in 2018, Moritz and Original Film began a first-look deal for Paramount Pictures starting Jan. 1, 2018, leaving his longtime home, Sony Pictures after 20+ years. However, he still maintains his overall deal at Sony Pictures Television. A month later, the rights for the Sonic the Hedgehog movie were transferred from Sony to Paramount, leaving most of the original staff intact.