A graduate of the Kyiv National Economic University, he began his working career at the institute of micro instruments in the Krystal Science Production Association in 1973.

In 1990, Lanovyi headed a department in the Institute of Economy of the National Academy of Sciences of Ukraine and was a direct designer of the law "About the economic sovereignty of Ukraine".

[4][5] Volodymyr Lanoviy was an independent candidate of the 1994 Ukrainian presidential election.

Founded the Club of Political Experts with the participation of the F. Ebert Foundation (Germany) for discussions of well-known politicians, businessmen and financiers in 1999.

[6] In the July 2019 Ukrainian parliamentary election Lanovyi was fifth on the party list of Movement of New Forces.