Voitinsky was born in St. Petersburg into a literati family, he studied economics there and authored a well-received monograph in 1905.
During the Russian Revolution of 1917, he was a member of the Central Executive Committee of the Soviets, edited the newspaper Izvestia, and served as a commissar at front.
During the July Days crisis, Voitinsky was tasked with defending the Tauride Palace from a mob of 50,000 people with just 18 soldiers at his disposal.
Voitinsky then lived in Germany, working as a researcher for the German Federation of Trade Unions and International Labour Organization.
He was briefly prominent on the German left, developing an economic plan to counter the Great Depression.