His works, together with that of Xia Gui, formed the basis of the so-called Ma-Xia (馬夏) school of painting, and are considered among the finest from the period.

He evidently enjoyed a high reputation at the court and was a favorite of Emperor Ningzong (who wrote several poems inspired by Ma Yuan's paintings); but nothing more is known about his life.

Eventually Ma developed a personal style, with marked decorative elements ("pine trees [...] strong as if they were made of iron wire", as described in a contemporary source).

A group of hand scrolls survives as well, including one of the most important works, The Four Sages of Shangshan, in the collection of the Cincinnati Art Museum in Ohio.

In the history of science and technology in China, Ma Yuan is remembered as being the first to depict a fishing reel in artwork (i.e. in his painting Angler on a Wintry Lake).