He was born in the town of Pimpalner in Dhule District on January 27, 1901.
He had been granted the title Tarkatirtha (तर्कतीर्थ) by an institution.
He served as the first president of Maharashtra State Board of Literature and Culture when it was established in 1960, and starting from that year, served for a large number of years as the president of the project of compiling a 20-volume Marathi encyclopedia under the sponsorship of the above Board.
In 1973, he received the National Sanskrit Pandit Award, and in 1976, the government of India conferred on him the Padma Bhushan title for excellence in Literature and Education.
Literary work 
The following is a list of Joshi's major works:
- Waidik Sanskruticha Wikas
- Dharmakosh (in 16 volumes) (editor)
- Adhunik Marathi Sahitya
- Samiksha Ani Rasa-Siddhant
- Critique of Hinduism and other Religions
- Descriptive Catalogue of Sanskrit Manuscripts
- Shastriji (शास्त्रीजी) : Book by Prof. R. G. Jadhav, reviewing the works of Laxmanshastri Joshi