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Born in Center Star, Alabama, Oldham began playing the piano in various groups during his school years. He studied at the University of North Alabama, but soon began playing at the FAME Studios. In 1967, he moved to Memphis and teamed up with Penn at the Chips Moman American Studios.
Oldham later moved to Los Angeles and continued to be a sought-after session musician, working and recording with a long list of artists including Bob Dylan, Delaney Bramlett, Willy DeVille, Joe Cocker, Hacienda Brothers, Linda Ronstadt, Jackson Browne, Everly Brothers, Dickey Betts, Cat Power, JJ Cale and Frank Black.
He also worked frequently as a session musician with Neil Young from the 1992 recording of Harvest Moon. Oldham also appears in the feature film Neil Young: Heart of Gold and endorsed Crosby, Stills, Nash & amp; Young on the 2006 Freedom of Speech Tour.
In 2007, Oldham went on tour with the group Drive-By Truckers, and a year later, he participated in the recording of Last Days at the Lodge, the third studio work of folk singer Amos Lee.
On April 4, 2009, Oldham was inducted into the Rock and Roll Hall of Fame. In May of 2011, she backed Pegi Young on a brief tour of California.
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