Gustav Thaulow was the son of the doctor Johan Frederik Thaulow (1840–1912), head of the Norwegian Red Cross and general in the Armed Forces Medical Corps. After graduating from secondary school in 1894, Gustav attended the military academy. In 1901 he was awarded a diploma from Technical University in Dresden, Germany. For some time, he then worked in the United States, for instance for railway and coal companies, eventually returning to Oslo (Kristiania) in 1906. There, he worked in the engineering company of Norwegian engineer and industrialist Samuel Eyde (1866-1940) from 1910. He was later promoted to head of the engineering office. In 1924, Thaulow became chairman of the board of the Centraltrykkeriet (Central printing office), and in 1930 of the business magazine Farmand. He also owned the lithographic workshop Copia.
Thaulow never married. In 1912, he was a member of the crew of Alfred Larsen’’s Magda IX, winning gold at the Stockholm Olympics, coming from behind, however, in both races.