Bred by Charles Howard (1669-1738), 3rd Earl of Carlisle, at Castle Howard, Yorkshire, he was a full-brother to Old Lady (ch f 1720c), a foundation mare of Family 17, and half brother to Royal Plate winner Sister to Squirrel (ch f 1722 Strickland's Turk). His dam, the Wharton mare, was a good runner, recording victories in three Royal Plates and the Subscription purse at Quainton Meadows in one year. Although he was christened Buckhunter he became suffiently famous that in his later years he was often referred to as the Carlisle gelding and sometimes just Carlisle. Buckhunter was gelded due his high spirited nature which was said to have made him nearly "ungovernable" in his youth. Although he was considered to be in a very high form it was recognised that he could on occasion be defeated. Despite this he was highly regarded for his ability to carry any weight, run in multiple heats, and travel constantly while racing for so many years.

In his first appearance on the turf in July of 1719, Buckhunter won Queen Anne's Gold Cup at York, worth 100 guineas. This race was supposedly the consequence of a dispute between Mr Childers and Mr Peirson, whose runners, Duchess and Foxhunter respectively, had contested it in 1714. That race had been awarded to Foxhunter, although there was agreement that both jockeys had contributed to some foul play. Eventually it had been agreed to rerun the heat, which was won by Duchess. A law suit between the owners followed, whilst meantime the Cup itself had been placed in trust and it was independently decided that all horses who had not been distanced deserved an equal share in it. Mr Childers, Mr Pierson, Mr Young and Mr Moore sold their shares for 25 guineas each to the Duke of Rutland, who bought two shares, the Earl of Carlisle, who bought one share, and Sir William Lowther, who also bought one share. A plan was then devised whereby the race should be rerun in 1719, when it was said to have been won by Buckhunter. He defeated the Duke of Rutland's bay mare and Sir William Lowther's Whitefoot in three heats. This result, however, does not accord with other reports which say that the Gold Cup at York was won by Mr Pierson's Foxhunter in 1719. Buckhunter was also used as a trial horse for a number of years. In 1731 he ran his final race for a plate at Salterly Common, in which he won the first heat, and then broke his leg. He is said to have been buried near the pales of the Stilton churchyard, near Peterborough, not far from where he died.