Frank Stephens was the third son of Westmore W Stephens, a prominent personality of Melbourne's business community as well as a dedicated supporter of the Armadale Baptist Church. He was educated at Scotch College Melbourne, where he had a good scholastic record and was prominent in sport, especially Australian Rules football. He was senior prefect and captain of his school in his final year.

The call of service in World War I took preference over university life and he enlisted and served in the AAMC from 1916 to 1918 mainly in Egypt and the Middle East. On return to civilian life he began studying engineering at Melbourne University but after one year decided to do medicine. He graduated MB BS in 1925. His eldest brother Westmore had also graduated in medicine from the University of Melbourne.

After a year at the Alfred Hospital as RMO he went to Edinburgh for postgraduate study in diagnostic radiology and radiotherapy. In 1928 he obtained the DR and the MRCPE. On returning to Australia he commenced practice in Collins Street, Melbourne in diagnostic and therapeutic radiology. In 1929 he was appointed honorary radiotherapist to the Alfred Hospital. He was president of the radiological section of the Victorian branch of the BMA for a year, and was an examiner for DTRE, Melbourne University.

He soon became a leading radiotherapist and diagnostician. His easy manner, his patience and his facility for establishing empathy with the sick were remarkable and a great comfort to his patients. One of his beliefs was `when there is hope there is life'. If his busy hospital outpatients clinic was told Dr Stephens was unable to attend that morning, many of those present would leave and return at the next clinic!

In 1929 he married Dorothy Ingram, daughter of James R Ingram a Victorian pastoralist. They had one son, Frank, who later assisted with, and finally took over, his father's stud. Early in their married life he and his wife moved to a property at Vermont some twelve miles outside Melbourne, where he established a Vermont Guernsey stud with prize-winning stock imported from the Guernsey Islands. He had many successes at shows. He became president of the Guernsey Club of Australia, and was a member of council of the Royal Victorian Agricultural Society. A building in the show-grounds was named after him.