He studied at Celje and he paid for his own education from an early age by working as a tutor for the sons of the district commissioner.
In 1833 he completed high school and went to Graz studying what was termed as philosophy.
He studied mineralogy under Wilhelm Karl Ritter von Haidinger and in 1847 he became a mining master at Hall in Tyrol.
Lipold then moved to Upper Styria and in 1849 he joined the State Geological Survey in Vienna, working again under Haidinger.
In 1867 he was appointed director to a mercury mine in Idrija after he was not elevated to the position of first geologist following the death of Franz von Hauer.