Studying chemistry and mathematics at the Working Men's College, Percival Faraday Thompson developed his interest in food chemistry. He completed a Public Analyst's Diploma in 1911 to gain recognition under the Victorian Board of Health regulations. Despite this, Thompson did not go into food research, but remained at the college for 12 years, lecturing in all branches of technical and theoretical chemistry. In 1918 he joined the University of Melbourne as a demonstrator in metallurgy. Two years later he was promoted to lecturer, then senior lecturer. He also filled in as Professor of Metallurgy for a short time.

He retired from lecturing in 1941, worked on corrosion chemistry for the RAAF and CSIR during World War II, then joined the Division of Aeronautics at CSIRO in 1949. There he continued his research into metal corrosion, becoming one of Australia's few experts in the field. Percival Thompson was a member of many scientific societies in Victoria and was president of the Society of Chemical Industry of Victoria in 1924 and 1925, Chairman of their Analytical Group and Committee Member of the Chemical Engineering Group. Thompson was made an Associate in 1917 and elected Fellow in 1941.