Born in London on May 24, 1850 (GRO), Waterlow studied in Heidelberg and Lausanne, and then entered the RA Schools in 1872. In 1873 he received the RA Schools Turner Gold Medal for painting. By 1883 he had already visited Newlyn: the comment was made about the new President of the Royal Water-Colour Society in 1898, that "a visit was made to Newlyn, before that village had been invented by the School of that name".

The following year a special article was initiated in The Studio to explore the collections and preferences of well-known artists, with Waterlow as the first Collector. His treasures were wide-ranging and included A Girl Knitting, Newlyn by William Christian SYMONDS, a painting of his mother by Stanhope FORBES' friend, the portrait painter Arthur HACKER, and a pastel of his daughter by Marianne L M STOKES. Waterlow was Knighted in 1902. Martin Hardie (1920) wrote, following his attendance at Waterlow's studio sale at Christie's: "His somewhat idyllic landscapes found mainly in southern England, are marked by harmony of colour and quiet refinement." The artist died on 25 October, 1919 in London, age 69 (GRO).