His mother, a witch that sold her soul to the Devil (Mephisto) in exchange for power, rages out of control before being killed by a soldier. Doom is left in the care of his father. Doom's father is a doctor who fails miserably when he is called to heal the Queen of Latveria- and is forced to flee the country with his son. Victor's father died of exposure to the cold and Victor was left to be raised by a family friend named Boris.
Victor teaches himself sorcery using his mothers artifacts and books. As he grows as a sorcerer he begins challenging the Devil (Mephisto) in an attempt to win back his mother's soul.
Doom was invited to study science at Empire State University where he met his new rival, Reed Richards. Both men excelled in science and technology. Doom designed a machine that would bring his mother's soul back from hell but a few of the calculations were off, Doom had invested too much emotion into the work, and his ego got the best of him when Richards tried to help. The machine malfunctioned and exploded, causing scars on Doom's face and his expulsion from University.
Doom left America for Tibet, in search of enlightenment, where the Aged Genghis (one of the Immortal Nine) pointed him in the direction of a monastery. Doom convinced the monks to become his servants and build his first suit of armor. Doom had them press the mask against his face before it was fully cooled- scarring his face further. (I haven't seen photographs of the scarring on Doom's face but I assume he now looks something like Deadpool.)
Doom, iron clad, returns to Latveria and kills King Vladmir. Doom imprisons Vladmir's son, Rudolfo, and has a robot made to look like him. Robot Rudolf publicly crowns Dr. Doom the king of Latveria and Doom renames the capital city as Doomstadt. Doom's leadership is tough, no one is allowed free will, but the economy flourishes and every citizen has food and shelter.
Now that Doom had power and wealth, he set down his main goals: to rescue his mother's soul, to destroy Reed Richards, and to take over the world.