Wentz wrote the lyrics to the lead single, "Sugar, We're Goin Down" with his dad in Chicago; the song peaked at #8 on the Billboard Hot 100 and spent months in the top 50 of the Hot 100, marking five weeks in the top 10 and fourteen weeks in the top 20.The band's major label debut album has since been certified double platinum by the RIAA as well as "Sugar, We're Goin Down." In 2007, Fall Out Boy's fourth album, Infinity on High was released to major success, debuting at #1 on the Billboard 200 with 260,000 sales, spurred by the #2 charting lead single, "This Ain't a Scene, It's an Arms Race".
He has a younger sister, Hillary, and a younger brother, Andrew.He owns a record label, DCD2 Records, which has signed bands including Panic! He also hosts the TV show Best Ink and runs a film production company called Bartskull Films, as well as a bar called Angels & Kings.His philanthropic activities include collaborations with Invisible Children, Inc.Birthright, Extinction, Arma Angelus (alongside Tim Mc Ilrath, frontman of Rise Against), Yellow Road Priest, and Racetraitor.
He and Arma Angelus' bassist Joe Trohman founded the pop-punk band Fall Out Boy after Trohman introduced Pete to a musical acquaintance, Patrick Stump.Fall Out Boy signed with major label Island Records in 2003 and in 2004 released an acoustic EP and DVD entitled, My Heart Will Always Be the B-Side to My Tongue.