Born in Red Deer, Alberta, Ray Schultz played with Edmonton SSA of the provincial minor league before enjoying a solid WHL career with the Tri-City Americans, Calgary Hitmen and Kelowna Rockets. The hard-nosed rearguard was selected 184th overall by the New York Islanders in the 1995 NHL Entry Draft.
After his junior career he became a stalwart with several AHL and IHL clubs including Kentucky, Lowell, Kansas City Cleveland and Bridgeport Sound while receiving the occasional recall to New York to add a physical component to the team's defensive core.
In the summer of 2003 Schultz signed as a free agent with the Nashville Predators and went on to suit up for the team's AHL affiliate in Milwaukee for the 2003-04 season, helping the club capture the 2004 Calder Cup title.
After one season with the Nashville organization, Schultz was acquired by the New Jersey Devils in the summer of 2004 and went on to play the entire 2004-05 season and the early stages of the 2005-06 season with the club's AHL affiliate in Albany.
In November of 2006, the former WHLer was acquired by the Phoenix Coyotes.