Richard Marigny Jones grew up in New Orleans, Louisiana. Jones suffered from a stiff leg and walked with a limp; fellow musicians gave him the nickname "Richard My Knee Jones" as a pun on his middle name. In his youth he played alto horn in brass bands. His main instrument, however, became the piano. By 1908 he was playing in Storyville. A few years later he often led a small band, sometimes including Joe Oliver. He also worked in the bands of John Robichaux, Armand J. Piron, and Papa Celestin.
In 1918 Jones moved to Chicago, Illinois. He worked as Chicago manager for publisher Clarence Williams. He began recording in 1923, making discs as a piano soloist, accompaniest to vocalists, and with his bands "The Jazz Wizards" and "The Chicago Cosmopolitains". He recorded for Gennett, OKeh, Victor, and Paramount Records in the 1920s. He also worked for OKeh Records as Chicago supervisor of the company's "Race" (African-American) Records for most of the decade. In the 1930s he played a similar role for Decca.
Richard M. Jones worked for Mercury Records until his death.