Along with his wife Varvara, Bohdan Khanenko was known for his philanthropic activities towards art and its preservation in Ukraine and the Russian Empire.
On his mother's side, he belonged to the Russian-German von Nilus family.
In 1871 Khanenko graduated from the law department of Moscow University and served as a judge in St. Petersburg and Warsaw.
His most valuable purchases resulted from his trips to Italy, where he obtained approximately 100 pieces through auctions in Rome and Florence, and with the assistance of Alexander Rizzoni, a Russian-born painter living in Rome.
In 1906 Bohdan Khanenko was elected to the State Council of Imperial Russia.