Former Gov. John A. Volpe announced yesterday that he will seek to regain the office he lost to Gov. Endicott Peabody by a narrow margin in 1962.

Initiating his campaign for the governorship, Volpe lashed out at Peabody's administration for "a wild spending orgy" without enough revenue to cover the costs. He charged that the Democrats have failed to meet the standards of efficient, responsive government.

Sen. Philip Graham, Senate minority leader, is also after party endorsement as the Republican candidate for 1964. Both he and Volpe, however, have agreed to avoid a fractionalizing primary battle in the fall by having the party convention decide between them in June.

Volpe triumphed over Graham for the Republican nomination in the 1960 election. The former governor hopes that an active campaign will give him both the nomination and the election. His defeat in 1962 has been attributed to overconfidence.

Volpe said he will wage the most energetic fight for the Republican cause in the Commonwealth's history. He assured reporters that he would "use a great deal more shoe leather" this campaign.