He was born in Cangwu County, Guangxi, the son of Li Jishen, the founder of the Revolutionary Committee of the Chinese Kuomintang (RCCK), a breakaway faction of the Kuomintang that cooperated with the Communists.

He served as Chairman of the RCCK from 1992 to his death in 1996 and a Vice-Chairman of the National People's Congress Standing Committee from 1993 to 1996.

In February 1996, Li was killed by Zhang Jinlong (张金龙), an 18-year-old security guard from the People's Armed Police (PAP).

According to court documents, Li returned home and caught Zhang in the middle of a burglary attempt.

Zhang then continued looting Li's apartment, carrying with him an expensive camera, a leather jacket, and other goods.