Since 1711 he was the first Prince of Trautson, Imperial Count von Falkenstein and Baron zu Sprechenstein.
He was educator, chamberlain and Obersthofmeister of Emperor Joseph I. John was the son of Johann Franz Trautson, Count of Falkenstein (1609–1663) and his wife, Maria Margareta von Rappach (1621–1705).
When Joseph ascended the throne in 1705, he made his confidant Johann Leopold Obersthofmeister and appointed him, together with Prince Eugene, to the Secret Conference, the most important government body.
In 1711, a few weeks before his untimely death, the Emperor elevated him to the rank of Prince of the Holy Roman Empire.
in 1721, Emperor Charles VI appointed him a second time Obersthofmeister, after the death of Anton Florian, Prince of Liechtenstein, who had succeeded him in 1711.