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Lee Won-yong was born in Seoul, graduated from Kyungshin School, and focused on sports. His debut in cinema was in 1927. Lee Won-yong's acting style began to change in 1934 when he appeared in director Ahn Jong-hwa's Crossroads of Youth which is currently the oldest surviving Korean film. Afterwards, Lee Won-yong appeared in director Ahn Jong-hwa's Passion in the Galaxy (1935) and The Passage of Life (1937). He decorated the second half of his acting career with director Ahn Jong-hwa.

Lee Won-yong, an actor and producer, died of illness at his home in Hunjeong-dong at the end of February 1950.