[2] His father, Yi Hak-shin, was an official who passed the civil service exam in 1837.

[4] During the Gapsin Coup, Yi took Min Young-ik, who was attacked by the Gaewha factions, to Horace Newton Allen.

In 1882, during Imo Incident he helped Min Young-ik to contact with Empress Myeongseong.

In Tanchon, Yi discovered tremendous amount of golds, which aided the government financially.

[4] For these accomplishments, Yi became a high ranked financial officer of the royal family.

However, such rapid rise led Yi to face challenges from the original officials.

The Independence Club criticized his policy of increasing royal asset, addressing it as a method to prevent the progress of the country.

The Russian foreign minister Vladimir Lamsdorf agreed with the French loan, claiming that it would restrain the British, and Japanese influence in Korea.

Initiating these reforms, Yi was able to bring great revenue to the government; however, this also led to a serious inflation.

[13] At the dawn of the Russo-Japanese War, Yi persuaded King Gojong to aver the neutrality of Korea.

[14] The Japanese government also tried to kidnap other anti-Japanese politicians such as Gil Young-su, Yi Hak-gyun, and Hyeon Sang-geon, but failed.

[16] Upon his arrival, Yi started the educational enlightenment movement;[8] he established the Bosung College (which would later become Korea University) by being supported from the government.

However, Russia already agreed with the Japanese colonization of Korea and was in the midst of turmoil because of the Russian Revolution of 1905; therefore, Yi was not able to make a remarkable success.

[22][16] Yi's final words to Gojong was an advice about concentration to education, and recovering the national sovereignty.