Born in Haining in Zhejiang, Li Mubai came to Shanghai in 1928 and joined the Zhiying Studio (Zhiying Huashi). It was here that his collaboration with Jin Xuechen (1904-1997) began and in the 1930s the Studio became the major producer of the famous commercial calendar posters. Some had Nationalist political content, like Mulan Joins the Army, but most featured young women They, together with Jin Meisheng, became known as the 'Three Pillars of Calendar Posters.' Li's speciality was the depiction of the youthful complexions of young women and children, and during the Japanese War period he worked as a portrait artist in oils.

In the early Mao Period, when the emphasis was on producing xinnianhua or New New Year's Pictures, the status of calendar painting technique was controversial. It was often called yuefenpai nianhua, Calendar Poster New Years Pictures, to show its ideological acceptability.

In 1954, Mao created the Shanghai Picture Press (Shanghai Huapian Chubanshe) to produce nianhua and calendar posters with their adjusted content, but their acceptability continued to be questioned until their popularity was affirmed for their beauty, bright colours and politically correct content. In 1956 Li Mubai and the other yufenpai painters were assigned studios to train young artists in propaganda art. Li Mubai's posters sold hundreds of thousands of copies, and by 1958, 20 artists were producing in this style.

Li Mubai, Jin Meisheng and Jin Xuechen all survived the Anti Rightist Movement and the Cultural Revolution and were honoured in the 1980's for their work.