Youngest son of William Rathbone IV and Hannah Mary (née Reynolds).
m. (8 May 1826) Lucy Pearson (d. 19 Apr 1848 in Malta) daughter of Edward Pearson and Lucy (née Hesketh), at Bangor church, Flint, and lived at Allerton Priory, Liverpool.
Seven children of whom only three lived to adulthood:
Lucy Anna (1827 - 11 Dec 1872)
Theodore William (14 Mar 1832 - 21 Oct 1890)
Jessie Sophia (1837 - 13 July 1863) m. (12 Nov 1862) Joseph Hubback
Theodore was a cotton broker, and a director of the London and Birmingham Railway. He produced a Descriptive and historical catalogue of the pictures, drawings and casts in the Gallery of Art of the Royal Institution, Colquitt Street, Liverpool. (George McCorquodale and Co., Liverpool, 1859). He was buried at St James Cemetery, Liverpool.
Papers of Theodore Woolman Rathbone (RP VIII) date from 1798-1863 and include: