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His ancestry is half-Irish and half-Mexican. After his parents divorced, Saucedo was raised by his mother. Saucedo has one brother and six half-siblings. They moved from Los Angeles to Grants Pass, Oregon, where he attended high school and was elected student body president.
He joined garage bands in high school and showed no interest in acting. Saucedo attended Carleton College in Northfield, Minnesota and attained a B.A. in African-American studies.
After graduation, not knowing what to do with his life, he decided to act and returned to Los Angeles. He married former General Hospital co-star Rebecca Herbst (who currently plays Elizabeth Webber) in June 2001. They have three children: Ethan (born October 31, 2001), Ella Bailey (born April 12, 2004), and Emerson Truett (born August 9, 2010). He also has a son from a previous relationship, Elijah Saucedo (born October 5, 1996).
One of Saucedo's closest friends is former co-star Steve Burton. He began acting as a child in commercials, including one for Band-Aid.
From 1999-2001, Saucedo was a cast member of General Hospital as Juan Santiago. He returned for one episode of GH in 2013 and another in 2014.