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Peter 'Pete' Frederick Way (born 7 August 1951, in Enfield, Middlesex) is a bass player. He is the bassist of UFO, Waysted and formerly, Fastway and Ozzy Osbourne.

Way began his career as a studio musician for many artists. He played in bands with friends from high school and later created a band with friends Phil Mogg, Andy Parker and Mick Bolton. This became the original UFO lineup. After two studio albums with their original guitarist, the band then recruited the guitar wunderkind Michael Schenker from Scorpions. Later the band signed on guitarist/keyboardist and long time friend Paul Raymond. The group released many albums and singles and had two UK top 40 hits.

Disliking the more melodic direction UFO were taking in the early eighties, Pete jumped ship to form Fastway with former Motorhead guitarist "Fast" Eddie Clarke. Pete was unable to extricate himself from a contract he signed with Chrysalis and stepped down to play bass for Ozzy Osbourne during the Bark at the Moon tour.

In 1982 Pete formed the punningly titled Waysted with Fin Muir, Paul Raymond, Frank Noon and Ronnie Kayfield. Their debut album Vices was released in 1982 and reached #78 in the UK charts. The band's third album Save your Prayers, featuring Danny Vaughn in place of the departed Fin and former UFO guitarist Paul Chapman, was their most successful in America where it reached #185.

In 1992 he joined Phil Mogg in the reformed UFO and released the High Stakes & Dangerous Men album. Pete remains in the band to this day. However he was not able to take part in the 2009 tours for UFO's album The Visitor due to a medical condition which affects his liver.

Pete has also released 2 albums under the Damage Control banner in the last 3 years, the first album Damage Control - Damage Control was recorded with Robin George, Spike from The Quireboys and Chris Slade from AC/DC, the 2nd album was recorded as a trio with Robin and Pete sharing lead vocals and Chris Slade on drums, Pete has also contributed to Robin's Damage Lovepower and Peace charity project (www.robingeorge.co.uk) and will guest on the LovePower band tour next year.

Way commonly uses Gibson Thunderbird basses which are renowned for the hard edged rock tone; however he recently commented that he has been using an Epiphone Thunderbird as he found it seemed to have a fatter tone. He has also been known to use basses by Ibanez, most notably a pink Ibanez Iceman bass.