Buchanan was born June 16, 1957 in Hamilton, Scotland. He worked at a local hotel as a bellhop while still a teenager. By the time he turned 14 his parents, both of whom fought alcoholism, died suddenly. He and his five siblings were left alone and his dreams of moving to the U.S. were put on hold. Buchanan went on to work as a bartender and restaurant manager in Scotland. While vacationing in Spain, his exceptional good looks captured the attention of a photographer. He agreed to a photo session that went so well he quickly found regular modeling work. He moved to London where he soon became an international fashion model. When the prestigious Ford Agency signed Buchanan in the 1980s, he relocated to New York City.
Buchanan studied acting at New York’s Lee Strasberg Theatre Institute. He was also coached by notable playwright and actress Marcia Haufrecht. His hard work paid off when he was offered the role of heartthrob Duke Lavery on General Hospital (1963) in 1986 who most notably sizzled with co-star Finola Hughes. The role became Buchanan’s launchpad to other television opportunities. When he left the soap in 1989, he appeared on prime-time in It’s Garry Shandling’s Show. (1986) from 1988-1990. The recurring spot as Dick Tremayne on Twin Peaks (1990) followed from 1990-1991. In 1990, he played a wealthy Playboy-style magazine publisher who murders his partner in the Columbo (1971) episode “Columbo Cries Wolf”. Buchanan returned to daytime television in 1993 as the mysterious psychologist Dr. James Warwick on The Bold and the Beautiful (1987). He was the first ever actor on the show to receive a Daytime Emmy Award in 1997 and stayed with the show until 1999, returning on several occasions from 2004 to 2011. A string of guest-starring roles on various TV shows followed as well as some film work including playing Jodie Foster’s Realtor on Panic Room (2002). Buchanan has since appeared on various soap operas: on the “General Hospital” spin-off Port Charles (1997) as a vampire from 2002-2003, he played the devious fertility specialist Dr. Greg Madden on All My Children (1970) who had performed Erica Kane’s (Susan Lucci) controversial abortion in the 1970s and had a short run as Ian McAllister on Days of Our Lives (1965) in 2012. Not long after Buchanan returned to “General Hospital” after a 23 year long absence where he was reunited with Finola Hughes.