He was the founder and the first president of Bank Negara Indonesia, and was also a member of the Investigating Committee for Preparatory Work for Independence (BPUPK).

His father was part of the Javanese aristocracy, and served in the colonial civil service's district government and in its courts.

[4] Margono described his family as "impoverished" aristocracy, and noted that while he was the sixth child, all his elder siblings died as children.

[6][7] While working at the credit agency, Margono was for a time assigned to Europe at the Ministry of the Colonies in Den Haag between 1937 and 1938.

[3] Following the proclamation of Indonesian independence, Margono was appointed as Chairman of the Supreme Advisory Council on 25 September 1945 until he resigned two months later.

[3] After his release, he participated as part of the Indonesian delegation in the Dutch–Indonesian Round Table Conference until he was replaced by his son Sumitro Djojohadikusumo.

[11] Due to Sumitro's involvement in the Revolutionary Government of the Republic of Indonesia, Margono was forced into exile abroad along with the rest of his family,[11] only returning after the fall of Sukarno in 1966.

[14] Margono died in Jakarta on 25 July 1978, and was later buried at the Djojohadikusumo family grave in Banyumas Regency.