Frankel is the only son of horse trainer Robert J. Frankel and Bernadette Birk. His father was Jewish and his mother was a Roman Catholic of Welsh descent who converted to Judaism when they married. His father left his mother when Frankel was four and when he was five, his mother married another horse trainer, John Parisella. She describes her childhood as difficult. His biological father left to support the family and his mother, Frankel says, "was always drinking" and often argued violently with his stepfather.
Frankel graduated in 1988 from the Pine Crest School in Fort Lauderdale, Florida where he lived on campus. She studied at the National Institute of Healthy Gourmet and Culinary Arts in New York City, and New York University.