The son of former Minnesota North Stars and St. Louis Blues winger Basil McRae, he began the 2010–11 season playing in the AHL with the Peoria Rivermen. Before joining the Peoria Riverman, he spent his summer with former Blues forward Keith Tkachuk to get a feel for playing in professional hockey. On January 11, 2011, he was called up to the NHL by the St. Louis Blues to make his NHL debut the following evening, playing more than 12 minutes and taking a 2-minute tripping penalty, for the Blues in a 7-4 road game loss to the Anaheim Ducks. McRae scored his first NHL goal on January 26, 2011 against Miikka Kiprusoff of the Calgary Flames. McRae, a native of St. Louis, played his freshman season with CBC High School in Town & Country. Philip and his father, Basil McRae, would become the fourth father-son duo to play for the Blues, joining Bob and Brent Johnson, Peter and Yan Stastny and Mike and B.J. Crombeen. In the 2013–14 season, as an unsigned restricted free agent with the St. Louis Blues, McRae opted to venture abroad to the FinnishLiiga with Tappara. After just 8 games in Tampere, McRae secured a transfer to fellow Finnish club, Espoo Blues for the remainder of the season. On July 1, 2014, McRae returned to the St. Louis Blues fold, in signing a one-year, two-way contract. In the 2014–15 season he was assigned to AHL affiliate, the Chicago Wolves and in 67 games scored 15 goals. On August 7, 2015, McRae continued his career in the AHL, signing as a free agent to a one-year contract with the Bakersfield Condors, an affiliate of the Edmonton Oilers. In the Condors inaugural 2015–16 season in the AHL, McRae appeared in 35 games producing 9 goals and 15 points. As a free agent in the off-season, McRae opted to continue his career in the AHL, signing a one-year deal with the New York Rangers affiliate, the Hartford Wolf Pack on August 24, 2016. After three seasons in the AHL, McRae returned to a second stint in Finland, agreeing to a one-year deal with Ässät of the Liiga on June 1, 2017. In the 2017–18 season, McRae established himself as a versatile forward, contributing with 21 points in 42 games. As a free agent in the following off-season, McRae continued his career in Europe by agreeing to a one-year contract with German outfit Schwenninger Wild Wings of the DEL on April 20, 2018. In the 2018–19 season, McRae secured a top-nine role among the forwards and contributed with 5 goals and 12 points through 44 games, but was unable to help the Wild Wings progress to the post-season. At the completion of the season, McRae left Schwenninger at the conclusion of his contract. On May 22, 2019, McRae moved to the neighbouring EBEL, agreeing to a one-year deal with Orli Znojmo.
