Peter Tallberg competed in five Olympics (1960-72, 1980) in sailing, with a best finish of fourth place in Star class in 1964 alongside his brother, Henrik. He came from a family of sailors, and his grandfather, Bertil, and grand-uncle, Gunnar, won a bronze medal in the 8-metre class at the 1912 Olympics. Peter Tallberg also was 1967 European Champion in Star class and was fourth in the 1967 World Finn Championships. He won other titles included Junior European centreboard yachting champion (1953), Finnish champion in Finn (1969), in Soling (1970 and 1972), in H (1974); Nordic Finn champion (1969), and Swedish Star champion (1963 and 1965). He also competed in skiing, winning the 1954 Finnish junior slalom championship, and in squash, competing at a national level, placing third in the 1978 Finnish senior squash championships.
Tallberg studied at Helsinki University and at German universities in Köln (Cologne) and München, before joining the family firm of Oy Julius Tallberg AB in 1960. He later was Managing Director of the company from 1976-86. In sports administration Tallberg was President of the International Yacht Racing Union from 1986-94, President of the Finnish Yachting Association from 1977-83, and President of the Scandanavian Yacht Racing Union from 1978-81. He was also Vice-President of the Finnish Squash Association from 1974-76, and served as Secretary-General of the General Association of International Sports Federations (GAISF, later SportAccord) (1988-98). He was a Council Member of the World Anti-Doping Agency (WADA) (1999-2002) and member of the World Olympians Association (WOA) (2007-2014) as liaison for the IOC Athletes’ Commission.
Tallberg was made an IOC Member in July 1976, and when the Athletes Commission was formed in 1981, he became the first Chairman, serving in that capacity through 2002. He also served on multiple IOC Commissions, as follows: Eligibility Commission (1979-80), Commission for the Olympic Programme (1980-94), Commission for the Olympic Movement (1981-99), Coordination Commission for the 1992 Barcelona Olympic Games (1989-92), Commission for the Study for the Preparation of the 1996 Olympics (1989-90), Commission of Preparation for the XII Olympic Congress (1989-94), Enquiry Commission for the Games of the XXVII Olympiad in 2000 (1993), Coordination Commission for the XXVIII Olympiad 2004 (1998-2004), IOC 2000 Commission (1999), Evaluation Commission for the XXI Olympic Winter Games 2010 (2002-03), Coordination Commission for the Games of the XXX Olympiad 2012 (2005-12), and the Nominations Commission (2014-15).