He attended the Sangmun High School during 1979–1981 and completed studies in broadcasting at the New York Institute of Technology, United States.

After the death of Yi Ku, the Jeonju Lee Royal Family Association made him the heir of the late prince;[2] Yi Won was later announced to be the director of the association on 27 June 2007.

He currently lives in an apartment in Wondang, Goyang, South Korea with his family.

[2] This claim was contested by his half-aunt, Yi Hae-won, who was crowned "Empress of Korea" by some of her relatives.

In spite of this, he is annually called on to take the place of the sovereign at the Jongmyo jerye ceremonies performing rites to his royal ancestors.