The independent crossbencher admitted he was "out of step" with the Church of England over the issue but his desire for a change in the law was driven by "love and compassion".
He said: "The example of Canada and other countries show that laws can be made that protect the most vulnerable and halt the unnecessary prolongation of life, which for some is not worth the candle."
Lord Carey was speaking in the House of Lords after Labours former Lords leader Baroness Jay of Paddington said it was time for Parliament to look again at whether assisted dying for the terminally sick should be introduced.
Referring to assisted dying in some US states, Lady Jay told fellow peers: "This is a gentle and compassionate approach to dying, which is working effectively and safely for the minority who make this choice."
Her comments were met with concern by wheelchair-bound crossbencher Baroness Masham of Ilton who said such a move would leave many older, frail and disabled people at "risk of family pressure".
Speaking for the government, Lord Keen of Elie said: "As things stand, the will of Parliament as a whole is that there should be no change in the law."