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On October 11, 2019, Smith stunned viewers and colleagues when he announced on Shepard Smith Reporting that he was leaving the network.

In a speech to the International Press Freedom Awards on November 21, 2019, Smith warned of authoritarian governments that make it dangerous and difficult for journalists to do their jobs, saying autocrats have learned to use online tools and social media to shore up their power. At the event, Smith gave $500,000 to the host organization, the Committee to Protect Journalists.

On March 15, 2018, Fox News signed Smith to a multi-year contract.

In November 2017, Smith infuriated some Fox News viewers when he debunked unsubstantiated claims that the Obama administration approved a deal allowing a Russian company to buy a Canadian company with mining interests in the US in exchange for donations to the Clinton Foundation. Smith's reporting put him at odds with colleague and Fox News prime time host Sean Hannity, who had supported the claim against Hillary Clinton.

In 2017, Smith publicly announced he is gay and has a long-time boyfriend.

On September 12, 2013, Smith became managing editor of Fox News breaking news division and the host of Shepard Smith Reporting.

Smith was born in Holly Springs, Mississippi, the son of Dora Ellen Anderson, an English teacher, and David Shepard Smith Sr., a cotton merchant. He attended Marshall Academy in Holly Springs. After high school, his parents separated and he moved to Florida with his mother. He studied journalism at the University of Mississippi, where he left two credits shy of a degree to take a reporter job in Panama City, Florida. Smith delivered the university's 155th commencement address on May 10, 2008.

On November 19, 2007, Smith signed a three-year contract for $7-$8 million per year. He renewed his contract with Fox on October 26, 2010 for another three years.

In 2003, The Fox Report with Shepard Smith was ranked third among the top five U.S. cable news programs, and Smith tied for second with Dan Rather and Peter Jennings as the most-trusted news anchor on both network and cable news.

Video of Smith anchoring on Fox News during the opening moments of the March 2003 Iraq War was used in the film Fahrenheit 9/11.

Smith appeared as himself in the 1997 film Volcano.

After working as a correspondent for Fox affiliate service News Edge, Smith joined Fox News Channel at its inception in 1996. At Fox News, Smith reported on the death of Princess Diana in 1997, President Bill Clinton's 1998 impeachment trial, the 1999 Columbine High School massacre, the 2001 execution of Oklahoma City bomber Timothy McVeigh and Hurricane Katrina in 2005.

Smith married Virginia Donald, a University of Mississippi classmate, in 1987. They divorced in 1993 with no children.

David Shepard "Shep" Smith Jr. (born January 14, 1964) is an American broadcast journalist. He joined the Fox News Channel at its 1996 inception, where he served as chief anchor and managing editor of its breaking news division. Smith is the former host of Fox News' evening newscast, The Fox Report with Shepard Smith, and Studio B. In October 2013, Shepard Smith Reporting replaced Studio B.