Figueroa decided to embark on a political career and joined the Independent Liberal Party.

On October 25, 1907, President Pedro Montt appointed Figueroa as Minister of Industry and Public Works, a position which he kept until August 29, 1908.

President Montt also appointed him as Minister of Finance between June 15 and September 15, 1909.

President Ramón Barros Luco appointed him Minister of Foreign Affairs, Cult and Colonization from May 29 to August 8, 1912.

Joaquín Figueroa was a Director of the National Children's Fund (Patronato Nacional de la Infancia); Vice President of the Santiago Charity Council (Junta de Beneficencia de Santiago); director of the San Luis Hospital and in 1911, one of the founders of the National Historic Museum of Chile and later one of its directors.