Von Feuchtwangen was born in Feuchtwangen in Middle Franconia, and was a relative of the earlier Grand Master Konrad von Feuchtwangen. He took the office after his predecessor, Gottfried von Hohenlohe, had abdicated. Von Hohenlohe's rule was marked by internal strife within the Order, but also by important changes.
Due to the Pope dismantling the Knights Templar, he moved the headquarters of the order from Venice, located there by his predecessor, to Castle Marienburg in Pomesania, outside the Holy Roman Empire.
Siegfried died there in 1311 and was buried in the cathedral of Kulmsee.