Lim was born and raised in the Chinese New Village of Titi, Jelebu, Negeri Sembilan. He grew up in his family's shophouse. He attended SJK(C) Chun Yin for his primary education and secondary education at the SM Undang Jelebu. Lim’s family ran a rubber trading business, and he would help out in the estate during weekends.[2]
Lim graduated with a Bachelor of Science Degree with Honours in Physics in 1982, from University Malaya. After graduation, he worked as an air conditioner sales executive in OYL Industries, a Malaysian air conditioner manufacturer.[3] He obtained a Masters of Business Administration in 1985 from Sul Ross State University in Texas, United States. Lim returned to Malaysia and continued working under his former employer as a sales manager.[4]
In 1991, Lim founded Top Glove with a factory and glove production line.[6]
In 2015, he obtained his PhD in Management from the University of Selangor in Malaysia, and was conferred an Honorary Doctorate in Business Administration by Oklahoma City University in 2016. In August 2018, Lim was also conferred an Honorary Doctorate in Entrepreneurship by Management & Science University, Shah Alam, Malaysia.[7][8] In October 2020, Lim was conferred an Honorary Doctor of Philosophy (PhD) Degree in Business Management by University of Cyberjaya and appointed as an Honorary Professor of the university. In December 2021, Lim was conferred an Honorary Doctorate in Management by University of Cyberjaya for his contribution to the development of the nation's economy.[9]
Lim was the chairman and a non-independent non-executive director of Tropicana Corporation Berhad.[10] He is the president emeritus in 2019/2020 and council member since 2010 of the Federation of Malaysian Manufacturers[11] and Life Honorary Advisor of the Federation of Chinese Associations Malaysia since 2011.[12]
He was the President of the Federation of Malaysian Manufacturers (FMM) in 2016/17. Lim served as the Director and Board Member of the Employees Provident Fund (Malaysia) from 2015 to 2020. He also served as a Director and Board Member of University of Malaya from 2015 to 2018.[13]