Markkanen grew up in Jyväskylä, and played his junior years in local team HoNsU. Markkanen played for HBA-Märsky in the Finnish second-tier league from 2014 to 2016.
College career
On 17 October 2015, Markkanen verbally committed to NCAA Division I squad Arizona Wildcats prior to the 2016–17 season. Lauri signed a letter to intent to Arizona on 11 November. ESPN.com reported that the seven-foot Finn was considered "a possible one-and-done candidate for the NBA draft." He became the first player since Mike Bibby to wear the jersey number 10. In January 2017, SB Nation regarded him as "the best shooting 7-footer college basketball has ever seen". Within the same month Markkanen was selected as Pac-12Player of the Week as well as the Oscar Robertson National Player of the Week. He has also been named to the pre-season Karl Malone Award Watchlist, Naismith Award Watchlist, Wooden Award Watchlist, Wooden Award Midseason Top 25, Wayman Tisdale Award Midseason watch list, Oscar Robertson Award Midseason watch list, Karl Malone Award Finalist, NaismithTop 30 Finalist. Markkanen was among the 15 finalists for the John R. Wooden Award. He recorded a career-high 30 points on 12 Jan against rival Arizona State. Also recording a career-high 13 rebounds three times against Northern Colorado, Washington State, and Washington. His career-high three blocks came against Arizona State in the regular season finale 4 March 2017. Markkanen was selected to the third team All-American team by the Associated Press, NBC Sports, USA Today, and the Sporting News on 6 March 2017. He was a first team all Pac-12 selection, as well as first team all Pac-12 Freshman team and first team all Pac-12 team in Associated Press. At the conclusion of his freshman season, Markkanen announced his intention to forgo his final three years of collegiate eligibility and enter the 2017 NBA draft.
Professional career
Chicago Bulls (2017–present)
Rookie season (2017–18)
Markkanen was drafted by the Minnesota Timberwolves with the seventh pick of the first round of the 2017 NBA draft. On draft night, his rights were traded to the Chicago Bulls along with Zach LaVine and Kris Dunn for Jimmy Butler and the rights to Justin Patton. On 5 July 2017, Markkanen signed with the Bulls. On 19 October 2017, Markkanen made his NBA debut with the Bulls and scored seventeen points. Markkanen then set an NBA record on 24 October, for most 3-pointers in the first three games of an NBA career with ten 3-pointers. Markkanen also asked former NBA player Brian Scalabrine to use his number 24, which Brian allowed. On 19 November, he recorded a 26-13 double-double against the Phoenix Suns. On 8 December, Markkanen scored 24 points against the Charlotte Hornets and two weeks later on 21 December, he dropped 25 points on the Cleveland Cavaliers. On 30 December, Markkanen scored a career-high 32 points and seven rebounds in a 119-107 win against the Indiana Pacers. On 10 January 2018, Markkanen played a career high 46 minutes, scored a career-high 33 points along with a career-high eight 3-pointers in a double overtime 122-119 win against the New York Knicks. This made him the second seven-foot player to make eight three-pointers in a game. On 22 January, he grabbed a career-high seventeen rebounds against the New Orleans Pelicans. Four days later, Markkanen blocked a career-high three shots against the Los Angeles Lakers. On 12 February, he scored 21 points against the Orlando Magic and 22 points against the Memphis Grizzlies on 7 March. After scoring seventeen points against the Milwaukee Bucks on 28 January 2018, Markkanen surpassed Hanno Möttölä as the career leading scorer among NBA players from Finland. On 22 May 2018, he was named to the NBA All-Rookie First Team. He ended his rookie season leading the Bulls in rebounds with 7.5 and fourth in scoring with 15.2; his 14 double-doubles was third among rookies behind Kyle Kuzma and Ben Simmons.
2018–19
Markkanen missed the first 23 games of the season. He had a career-high 19 rebounds in a loss to the Brooklyn Nets on 28 January. He also had 31 points and 18 rebounds in a win over Brooklyn on 8 February; a career-high 35 points along with 15 rebounds in a win over the Boston Celtics on 23 February; and 31 points and 17 rebounds in win over the Atlanta Hawks on 1 March. On 28 March, Markkanen was ruled out for the rest of the season after undergoing tests for his health problems, which he experienced in a 26 March game against the Toronto Raptors. In the 52 games he did play, he was second on the team with 18.7 points and first with 9.0 rebounds and 20 double-doubles.
2019-2020
Markkanen began the season tying a career-high with 35 points along with 17 rebounds in a one point loss to the Charlotte Hornets, the most opening-day points by a Chicago Bull since Michael Jordan in 1995.
He is the son of Pekka and Riikka Markkanen, who both were professional basketball players, and has two brothers, Miikka and a professional footballer, Eero, who plays for PSM Makassar in Indonesia. In February 2018, Markkanen and his wife Verna Aho had a son together.