On the field, Price is best known as a successful head coach at Washington State, where he served for fourteen seasons, from 1989 to 2002. At WSU, he compiled a record of 83 wins and 78 losses, with three 10-win seasons and five bowl appearances. His last two teams at Wazzu combined for a 20-5 record (13-3 in the Pac-10 Conference). Price's 2002 team, compiled a Pac-10 conference 7-1 mark, before losing to Oklahoma in the Rose Bowl 34-14. In 1997, Price was named National Coach of the Year. Before coaching at Washington State, Price was head coach at Weber State University from 1981 to 1988, with a 46-44 record.

Price may be best known for an embarrassing off-the-field incident. In December 2002, he was hired to replace Dennis Franchione as the head coach at Alabama. But in May of 2003 he was fired shortly after news reports surfaced of an incident during a trip to Pensacola, Florida, where Price was playing in a golf tournament. A story in Sports Illustrated said that Price had been seen at a strip club, and later checked into a local hotel with at least one exotic dancer from the club. The magazine further alleged Price had sex with one of the strippers, a claim which Price denied. He filed a $20 million libel and defamation suit against Sports Illustrated. Price received some vindication in 2005 when the magazine settled the lawsuit for an undisclosed sum.

On December 21, 2003, UTEP announced the hiring of Price as its new coach. At the press conference, Price said, "I feel reborn. I think this is the right situation for me. My dad told me a long time ago if you go somewhere where you're wanted and needed, your chances for success are a lot better. I want to be here. It's a match made in heaven." In his first season, he led the Miners to an 8-4 record and a berth in the Houston Bowl, where they lost to Colorado. The season was an astounding turnaround for the Miners, who has won only two games in each of their previous two seasons. At one time during the 2004 season, UTEP earned its first-ever ranking in the Associated Press Top 25, rising as high as 23rd. Price was a finalist for Eddie Robinson Award and the Paul "Bear" Bryant Award for coach of the year.

Mike Price grew up in Everett, Washington, twenty five miles north of Seattle. He was the son of Walt Price, the longtime head football coach at Everett Junior College. At Everett High School, Price was a teammate of Dennis Erickson, the son of Pinky Erickson, the head coach at cross-town rival Cascade High. Everett High was coached by Bill Dunn, a next-door neighbor of the Ericksons. Dennis Erickson was a year behind Price, but took his job as starting quarterback mid-way through Price's senior year, and Price was moved to defense as a safety. The team finished 9-1. Price went on to play at Everett Junior College, Washington State, and the University of Puget Sound. He was an assistant at WSU, UPS, WSU, and Missouri before landing his first head coaching job at Weber State in 1981, which he beat out Erickson for. Erickson would return the favor by beating out Price for the Washington State job in 1987, but upon leaving just two years later would recommend Price for the job. Price did get the WSU job in 1989, and then rented Erickson's Pullman home.

Mike Price met his wife in kindergarten. They have three children: two sons (who are his assistant coaches) and a daughter.

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