Born in 1879 at Mavelikkara, Rama Varma was artist Raja Ravi Varma's second son. He inherited his father's artistic talent and worked in oil on canvas and painted portraits. He studied at Sir J.J. School of Arts, Mumbai and later came back to Kerala to start the Raja Ravi Varma School of Painting, which is today Kerala's one of the leading fine arts institutes, Raja Ravi Varma College of Fine Arts, Mavelikara, Alappuzha.
Varma was also passionate about music and literature. Rama Varma became the first chairman of the Kerala Lalitha Kala Academy in 1962.