Wood likes to keep his personal life away from the media spotlight, and is particularly private about his romantic relationships. In 2005, Softpedia reported that he is dating Gogol Bordello's backup dancer Pamela Racine; the relationship began sometime after they met on the set of Everything Is Illuminated in 2004.

In an interview about Everything Is Illuminated, director Liev Schreiber commented that Wood has a "generosity of spirit" and a "sincere goodness as a human being." He also has supported several campaigns for charity as Keep a Child Alive or ALDO/YouthAIDS In addition to charity work, Wood is a known music buff who admits to owning something in the range of 4,000 CDs, and once cited his favorite band as The Smashing Pumpkins. His personal playlist of favorite songs can be accessed on iTunes.

Wood has a tattoo of the Quenya-mode Tengwar symbol for "nine" just below his waist on the right side, a reference to his involvement in the Lord of the Rings and the f