Born into a wealthy and cultured Bogotá family, Silva led a carefree life. When he was hardly ten, he wrote his first poems. In 1882 he traveled England, Switzerland, and France, and here, he met up with other Romantic writers. His trip into Europe influenced his style as he incorporated many French themes. However, with the death of his father and the increasing financial struggles his family experienced thereafter, Silva was forced to return to Colombia. Incapable of paying his family's enormous debts, Silva accepted a diplomatic position in Caracas. While there, he was encouraged by fellow writers to pursue his poetry. In 1895, Silva's only major work of prose was lost in a shipwreck. He was, however, convinced to rewrite the novel from memory. In 1892, his beloved sister Elvira died. Under the weight of these two events, Silva collapsed and committed suicide on May 23, 1896.

He wrote his first work, "Primera Comunión," in 1875.

Traveling to Europe, he met Stéphane Mallarmé and Gustave Moreau in Paris.

On the morning of May 24, 1896, a house maid found Silva dead in his bed; he had shot himself in the heart the night before. There are many reasons for his suicide, including the death of his sister Elvira, the loss of almost all his work when his ship sank near a key in the Caribbean sea, and his debts. Prior to his death, he asked his confidential doctor to mark the exact location of his heart.

He was buried in the Central Cemetery, in Bogota. Perhaps his more important legacy is the house where he lived, which has been converted into a museum.

The poem "Nocturno" or "Night" was his most famous work, published posthumously in 1908. Written in free verse, the poem broke with the more classical mode of Spanish versification and showed many signs of Modernism. The poem itself is written in response to the death of Silva's sister, Elivra. The imagery, especially the symbolism of the shadow, evokes a sense of melancholy and sadness.