Yikuang was born in the Aisin-Gioro clan as the eldest son of Mianxing (綿性), a lesser noble who held the title of a buru bafen fuguo gong.

In March 1884, during the Guangxu Emperor's reign, Yikuang was put in charge of the Zongli Yamen (the de facto foreign affairs ministry) and given the title "Prince Qing of the Second Rank" (慶郡王).

[2] Yikuang was discredited for his pro-foreign stance in June 1900, when a multi-national military force (the Seymour Expedition) marched from Tianjin towards Beijing.

[5] Yikuang even wrote letters to foreigners, inviting them to take shelter in the Zongli Yamen's offices during the Siege of the International Legations by Zaiyi's men.

[citation needed] In June 1901, the Zongli Yamen was converted to the Waiwubu (外務部; foreign affairs ministry), with Yikuang still in charge of it.

In discussions over Manchuria, Yikuang "was bolder in resisting the Russians [than Li Hongzhang], though he was in the last resort weak and unable to hold out against pressure.

Puyi ascended the throne as the Xuantong Emperor, with his biological father, Zaifeng (Prince Chun), serving as regent.

When the Wuchang Uprising broke out in October 1911, Yikuang stepped down as Prime Minister, offering his position to Yuan Shikai instead, and appointed himself as the Chief Executive of the Bideyuan (弼德院; a government body established in May 1911 which provided advice to the emperor).

After the fall of the Qing dynasty and the establishment of the Republic of China, Yikuang and his eldest son, Zaizhen, amassed a fortune and moved from Beijing to the British concession in Tianjin.

In the same year, Li Yuanhong, the President of the Republic of China, gave Zaizhen permission to inherit the Prince Qing peerage.