Born in Kobiki-cho, Tokyo, with the given name Ikeda Seishiro, Ikeda Terukata was the son of a joiner. He studied Japanese style painting with Mizuno Toshikata (1866-1908), who gave him the name Terukata, and then with Kawai Gyokudō (1873-1957). Terukata became engaged to the artist Sakakibara Shōen (1886-1917), who took the surname Ikeda after they married, and was also a student of Toshikata. Soon after the engagement, Terukata disappeared from Toshikata’s studio for about five years, during which time he designed kuchi-e, bijin-ga, and triptychs of Russo-Japanese War (1904-1905) battles.
Terukata was the teacher of the Japan-based French ukiyo-e artist Paul Jacoulet (1902-1960).