Peter 'Pete' Frederick Way (born 7 August 1951, in Enfield, Middlesex) is a bass player. He is the former, and best-known, bassist of UFO, Waysted and also 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 commercially accessible direction UFO were taking in the early eighties, Pete jumped ship to form Fastway with former Motörhead 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 Diary of a Madman tour.