Li took up gymnastics at age eight and joined the national team in 1980. He made his mark on the international level at the 1981 World University Games when he placed first in the floor exercise and pommel horse. At the 1982 World Cup, he won the individual all-around gold medal while placing first in each discipline except the parallel bars. At the 1984 Olympics a slight error on the parallel bars cost Li the individual all-around title (he finished third), but he collected gold medals in the rings, floor exercise, and pommel horse and a silver medal in the vault. He also earned a silver medal in the team competition. Known in China as the “Prince of Gymnastics,” Li captured the individual all-around title at the 1986 World Cup championships.

After an ankle injury led to a poor performance at the 1988 Olympics in Seoul, South Korea, Li retired from competition. After considering a career in coaching, he joined the Jianlibao Group and pursued business ventures. His Li-Ning sportswear products were top-sellers in China. Li also established an international gymnastics school in the United States. He was also a member of the Chinese Olympic committee.