Orson Randall was born and raised in the mystical city of K'un-Lun, arriving there after his father crashed their airship into the city during a rare materialization on the Earthly plane. After being adopted as a native, Randall was taught by Yu-Ti and trained by Lei Kung the Thunderer. As with all destined Iron Fists, Randall fought and killed the fabled Shou-Lao the Undying, receiving the power and scar that would brand him as the Immortal Iron Fist. Choosing to leave K'un-Lun, Randall became disillusioned after fighting in World War I.

Years later, he was summoned to return to his adopted home and fight in the Tournament of the Heavenly cities. Refusing to fight, the mystic elders decided to strip him of his standing and title, but he fled after killing one of the other immortal weapons. Losing himself in liquor and opium dens, Orson was saved from poisoning by a young Wendell Rand, who he thus trained and taught. With ideas of finding K'un-Lun and becoming the Iron Fist, Wendell Rand left Randall's care, but it would be his son Danny, and not himself, who would master the serpent.

After digging himself deeper into the opium dens, Randall was found by the Steel Serpent and traveled to the United States. Using the powers of Iron Fist during a fight with Hydra, Danny Rand became aware there was another like him and set out to find him. The two champions met in Rand's office, where Randall told him that he not only knew Danny's father, Wendell, but trained him as well. He thus led Danny down below the city to the secret subway station that Wendell had built years before. Once there, they fought off a gang of Hyra soldiers before resurfacing with the Book of the Iron Fist in hand. The historical record is a document of the past immortal weapons of K'un-Lun that Randall hid in an attempt to end tradition once and for all. He gave it to Rand in hope that the book would teach him the history and truth behind his title, and thus prepare him for the upcoming tournament.

The two Iron Fists returned to Danny's office to find a horde of Hyra soldiers, the daughters of the Crane Mothers and the Steel Serpent himself. Coming to terms with the inevatibility of his death, Randall allowed the Steel Serpent to kill him. But before he took his last breath, he allowed Danny to touch his heart and receive his chi.