Prince Lorenz was born at Belvedere Clinic in Boulogne-Billancourt, Hauts-de-Seine, France as the second child and eldest son of Robert, Archduke of Austria-Este, and his wife, Archduchess Margaret (née Princess Margherita of Savoy-Aosta).

He and his uncle, Carl Ludwig, complained about the constitutional provision that prohibited members of the former ruling dynasty from running in the Austrian presidential elections, and the terms under which their family was banished from the country.

Since 2004, Lorenz has served as the honorary president of the Council of the Koninklijke Vereniging der Historische Woonsteden van België/Association Royale des Demeures Historiques de Belgique.

[13] Since 2005, he has also served as the Patron of Europae Thesauri, an association of European cathedral and church treasuries.

[14] Lorenz also served as deputy chairman of the Société des Amis of the Almanach de Gotha.