Ravi Varma had three siblings--a sister named Magala Bayi Thampuratti and two brothers namely Goda Varma and Raja Raja Varma. Mangala Bayi Thampuratti was a talented artist who worked mainly in oils. She used to assist her brothers in painting, and her striking portrait of Raja Ravi Varma is displayed at Sree Chitra Art Gallery, Thiruvananthapuram. Goda Varma, the younger brother was a musical genius and an expert Veena player.

The youngest brother Raja Raja Varma was a scholar and a man of letters who was also exceptionally good at painting. He was well-versed in English language, and his diary ('The Diary of C. Raja Raja Varma') is an authentic and invaluable record of the last few years of the legendary artist.

The travelogue titled 'A Tour in Upper India' also belongs to him. He was Ravi Varma's confidante and trusted companion, often assisting his brother in finishing his works and acting as his secretary cum business manager till his untimely death in 1905.

At the age of 18 Ravi Varma married 12 year old Pooruruttathi Thirunal Bhageerathi Bayi Thampuratti of the royal house of Mavelikkara.

They were blessed with two sons and three daughters. The elder son Kerala Varma was a seeker and spiritualist whereas the younger son Artist Rama Varma (founder of the Raja Ravi Varma Painting School, Mavelikkara) inherited his father's talents and studied art at Mumbai. Ravi Varma's daughters were Mahaprabha Amma Thampuratti, Kochu Kunji Amma Thampuratti and Kochamma Amma Thampuratti.

Mahaprabha served as a model in a few of his famous paintings like 'Here Comes Papa'.