Jim Ray was born in 1941 in Longview, Texas. He was commissioned through the Air Force ROTC Program on January 17, 1964, and went on active duty to begin pilot training on April 20, 1964. Lt Ray completed Undergraduate Pilot Training and was awarded his pilot wings at Vance AFB, Oklahoma, in April 1965, and he then attended F-105 Thunderchief Combat Crew Training at Nellis AFB, Nevada, from May to December 1965. His first assignment was as an F-105 pilot with the 334th Tactical Fighter Squadron at Seymour Johnson AFB, North Carolina, from December 1965 to February 1966, followed by service as an F-105 pilot with the 336th Tactical Fighter Squadron at Seymour Johnson from February to April 1966. Lt Ray deployed to Southeast Asia in April 1966, and he flew F-105s with the 469th Tactical Fighter Squadron at Korat Royal Thai AFB, Thailand, from April 1966 until he was forced to eject over North Vietnam and was taken as a Prisoner of War while flying his 11th combat mission on May 8, 1966. He spent the next 2,472 days in captivity, and was released during Operation Homecoming on February 12, 1973. After hospitalization, Capt Ray returned to flying status as an instructor pilot with the 465th Training Squadron at Holloman AFB, New Mexico, from April 1973 to May 1976. He next completed Air Command and Staff College at Maxwell AFB, Alabama, in June 1977, and was assigned to the 339th Fighter Squadron from June to December 1977. Maj Ray next served with the 347th Fighter Wing at Moody AFB, Georgia, from January 1978 to January 1982, before serving at Headquarters U.S. Air Force until April 1987. He was transferred to Rome, Italy, and served as Air Attache from April 1987 to April 1989. Col Ray's final assignment was as Commander of the 3300th Technical Training Wing at Keesler AFB, Mississippi, from April 1989 until his retirement from the Air Force on December 31, 1990.

His Silver Star Citation reads:

This officer distinguished himself by gallantry and intrepidity in action in connection with military operations against an opposing armed force while a Prisoner of War in North Vietnam. Ignoring international agreements on treatment of prisoners of war, the enemy resorted to mental and physical cruelties to obtain information, confessions and propaganda materials. This American resisted their demands by calling upon his deepest inner strengths in a manner which reflected his devotion to duty and great credit upon himself and the United States Air Force.