He was educated at Oberlin College and Yale University.
Kung was an early supporter of Sun Yat-sen and later of Chiang Kai-shek. He long served in the Republic of China government as minister of industry and commerce (1928–31), minister of finance (1933–44), and governor of the Central Bank of China (1933–45). He joined the central executive committee of the Kuomintang in 1931.
Kung married Soong Ai-ling, one of the Soong sisters. He claimed that he was a 75th generation descendant of Confucius.
After the retreat of the KMT to Taiwan at the end of the Chinese Civil War, he moved to the United States.
See also: History of the Republic of China