Balaji Vishwanath, an eminent figure in the history of Maratha Empire, was well acclaimed by the name of Peshwa Balaji Vishwanath. Hailing from the Brahmin family, Peshwa Balaji Vishwanath was the first of the Peshwas to rule the Maratha kingdom. He was appointed as the Prime Minister of Shahu and in the eighteenth century, he gained effective control over the Maratha Empire.

Born in a Marathi Smartha Brahmin family, Balaji began his career as an accountant for the Maratha general, Dhanaji Jadhav, at Chiplun. As far as the personal life of Balaji is concerned, he was married to Radhabai and was the father of two sons Baji Rao and Chimnaji Appa.

During 1699 and 1703, he served as the Sar-subhedar or head-administrator at Pune. After the death of Dhanaji, the efficiencies of Balaji as an honest and able officer were testified by Chhatrapati Shahu and he appointed Balaji as his assistant. He was said to be the active participant in the invasion of the then Mughal city of Ahmedabad in1708 AD. During the Maratha civil war in 1707-1713, the Maratha general Chandrasen Jadhav ravaged the southern districts of the state and Balaji defeated him after a prolonged engagement. In 1713, Shahu faced personal danger when he was attacked at Khed near Satara by forces loyal to Tarabai. At this point of time, Shahuji took help Balaji by appointing him Senakarta or army commander and gave him full authority to wage the battle. After a very short span of time, Shahu appointed Balaji the first Peshwa on November 16, 1713.

With the demise of Aurangzeb, the Mughal Empire started weakening and an internal conflict started within the imperial family and civil war was rolling up. In 1713, Farrukhsiyar came to the throne with the help of the Sayyid brothers. Differences soon arose between them and the Emperor. In 1716, Balaji was arrested by Shahuji`s army chief Dabhaji Thorat and was released in 1718. After his release, Balaji negotiated a treaty with the Sayyid brothers but the Mughal emperor later refused to sanction. Later one of the Sayyid brothers, Husain Ali marched to Delhi and dethroned Farrukhsiyar with the help of Maratha troops commanded by the gallant Parsoji Bhonsale. Rafi-ul-darjat was substituted on the place of Farrukhsiyar in February 1719. A strong troop of 15,000 armies was supplied by the Marathas to enforce the Mughal Empire`s authority in the Deccan. In lieu of Balaji`s help, he received a formal autonomy of the Maratha states ruled by the Peshwas. He was also granted the right to collect the Chauth tax in six Deccan territories. However, as a result of the campaign against the Mughals, Balaji`s health suffered considerably and he died on April 2, 1719. After the demise of Balaji, his elder son, Balaji Baji Rao I, succeeded him and was appointed as Peshwa by Chattrapati Shahu.