Born in Baltimore, Maryland, Foley attended local schools when he was convinced of a calling to Holy Orders. He was ordained to the presbyterium of the Archdiocese of Baltimore on August 16, 1846. On November 19, 1869, he was appointed Coadjutor Bishop of Chicago. On February 27, 1870, Foley was ordained to the episcopacy becoming titular bishop to the titular see of Pergamum. He was installed into the office of coadjutor bishop at Holy Name Cathedral on March 10. He died in office before he could succeed the Bishop of Chicago.