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The story of the events leading to his death are portrayed in the 2014 film Foxcatcher, with Schultz being portrayed by Mark Ruffalo.

David Lesley Schultz was born in Palo Alto, California, to Dorothy Jean St. Germain (née Rich) and Phillip Gary Schultz. He was the brother of Mark Schultz, and two half-siblings – Michael and Seana. Schultz was of half Ukrainian Jewish and half British descent. His paternal grandparents were Estelle (Bernstein), a prominent paper company executive, and Maxwell L. Schultz, a business consultant. He said in a video that he was a Christian by faith.

At the trial, neither the prosecution nor the defense suggested a motive for the crime. A jury rejected du Pont's plea of not guilty by reason of insanity; he was convicted as guilty but mentally ill. Du Pont was sentenced by Judge Patricia Jenkins to 13–30 years incarceration and died in prison on December 9, 2010. Schultz's father Philip told The New York Times that "the fact that he's officially gone is almost a moot point. I did forgive the man for what he did. I never forgave the act."

Schultz trained at the Foxcatcher center while preparing for another Olympic bid, as well as coaching the wrestling team. On January 26, 1996, he was shot and killed by John Eleuthère du Pont, the owner of the center. Du Pont had exhibited bizarre and threatening behavior for an extended period preceding the murder.

Dave and his brother Mark Schultz, also a wrestler, were noted for both winning gold at the same Olympics (1984). The Schultzes were one of three sets of brothers (the others are Buvaisar and Adam Saitiev, and Anatoli and Sergei Beloglazov), to win both World and Olympic championships. The Schultz brothers won more NCAA, U.S. Open, World, and Olympic titles than any other American brother combination in history.

Dave Schultz won 10 Senior National titles (eight in Freestyle and two in Greco-Roman) over a 19-year span, at three weight divisions: 149.9 lb, 163 lb and 180.5 lb. In international competition, Schultz won a 1983 World Championship and a 1984 Olympic gold medal, competing with the United States team. Schultz won the gold medal at the 74 kg weight class over Martin Knosp from The Federal Republic of Germany. He won four World Cup and two Pan American Games titles, and is the only American ever to twice win the prestigious tournament in Tbilisi, Georgia. In all, he was a seven-time World and Olympic medalist. Together, Dave and his brother Mark Schultz, along with the Banach brothers, were the first American brothers to each win gold medals in the same Olympics, and likewise the only American brothers to win both World and Olympic championships.

In college, Schultz was a three-time NCAA All-American, first at Oklahoma State University and then twice at the University of Oklahoma. In 1982, he was the 167-pound weight class NCAA Champion defeating Mike Sheets from Oklahoma State University in the finals by criteria tie-breaker in overtime. His career collegiate record was 91–8 (30–4) at Oklahoma State University, (61–4) at the University of Oklahoma.

Schultz began wrestling in junior high school at David Starr Jordan Middle School in Palo Alto coached by Robert Hoskins. In 1977 as a senior at Palo Alto High School, he became state champion. That year he also won both his first national and international wrestling titles. As a high school senior he pinned 2-time NCAA champion and NCAA "Outstanding Wrestler" Chuck Yagla at the Great Plains Championships. His brother Mark started competing in sports in gymnastics, winning the Northern California All-Around Gymnastics Championships in his age group. In his junior year he switched to wrestling, and in his senior year won state.

David Lesley Schultz (June 6, 1959 – January 26, 1996) was an American Olympic and world champion freestyle wrestler, a seven-time World and Olympic Gold medalist. He coached individuals and teams at the college level and also privately. He was murdered by John Eleuthère du Pont, a millionaire philanthropist who sponsored the private Foxcatcher wrestling team at an amateur sports center known as Foxcatcher Farm that he set up on his estate in Pennsylvania.