Martha Caldwell studied at the University of North Carolina for two years before earning her BA from Cornell University in 1954. In 1958, she completed an MA at the University of Mississippi, with a second MA in 1966, followed by her PhD from Indiana University in 1970.

Caldwell taught Art History at the University of Richmond's Westhampton College (1960-1963) and Rice University (1966-1968) before becoming a Professor of Art History at James Madison University (1968-1998). The Martha B. Caldwell Art History Award was established with her gift and is given to an Art History student graduating in May.

She was also involved with the Women's Caucus for Art (WCA) and had a direct hand in the founding of the organization's Southeastern chapter in 1978. Additionally, Caldwell worked with the Southeastern Women's Caucus for Art (SEWCA) and with the Southeastern College Art Conference (SECAC). Martha Caldwell passed away in 2020.