Piero de' Medici (1416 - 1469) was the son of Cosimo 'Pater Patriae', and father of Lorenzo the Magnificent. They were all members of the leading family in Florence.
This posthumous portrait was based on a much earlier marble bust by Mino da Fiesole (Florence, Museo Bargello). As court artist Bronzino was required to supply many such images and this painting is likely to be in part the work of his studio.