Ralph McMaster Rich was born on 22 January 1916 in Denmark, North Carolina. He enlisted in the U.S. Naval Reserve in December 1939 and was assigned to flight training. Rich was designated a Naval Aviator in July 1940 and commissioned in the rank of Ensign a month later. As a pilot in Fighting Squadron Six (VF-6), operating from the aircraft carrier Enterprise, Ensign Rich participated in several of the early actions of the Pacific War. Among them were the 1 February 1942 raid on the Marshall Islands, in which he destroyed a Japanese bomber on the ground, and the 24 February attack on Wake Island. Promoted to Lieutenant (Junior Grade) in late May 1942, he was among the VF-6 pilots who escorted U.S. strike planes to the enemy fleet during the 4 June Battle of Midway, and later intercepted incoming Japanese attack aircraft. He shared credit for shooting down one bomber during the latter action. On 18 June 1942, while participating in aerial gunnery practice over the Hawaiian Islands, his F4F-4 "Wildcat" fighter lost a wing and crashed, killing Lieutenant (JG) Ralph M. Rich instantly. He was awarded the Navy Cross posthumously for his "capable and aggressive leadership" in the Midway battle.

The Navy has named two ships in honor of Lieutenant (Junior Grade) Rich: USS Rich (DE-695) of 1943-1944, and USS Rich (DD-820) of 1946-1979.