Frank was born in Glendale, California to musician Jack Marshall. He entered the film world when his parents invited him to a birthday party for the daughter of directing legend John Ford in 1966. There, he met Peter Bogdanovich and soon agreed to work on his first film, Targets (1968), later followed by collaborating on The Last Picture Show (1971) and many other films.

Continuing to branch out into the industry, he served as line producer on Martin Scorsese’s The Last Waltz (1978) and associate producer on Walter Hill’s crime thriller, The Driver (1978). Marshall first worked as executive producer on Hill’s cult classic The Warriors (1979). After producing the iconic Raiders of the Lost Ark (1981), he co-founded Amblin Entertainment with Steven Spielberg and his future wife Kathleen Kennedy.

He continued producing memorable films with Spielberg including Poltergeist (1982) and Twilight Zone: The Movie (1983) (while Kennedy separately produced E.T. the Extra-Terrestrial (1982)). He worked as executive producer on Indiana Jones and the Temple of Doom (1984), Gremlins (1984), The Goonies (1985) and the Back to the Future (1985) trilogy.

He married Kathleen Kennedy in 1987, and after producing numerous films, he made his feature directing debut with Arachnophobia (1990). In 1993, The Kennedy/Marshall Company was formed and released its first film Alive (1993), directed by Marshall. His productivity has only increased since then, as he took over primary duties of the production company since Kennedy was named president of Lucasfilm in 2012.