The son of Marquess Tommaso III, he held the Marquisate of Saluzzo for much of the 15th century, under its period of greatest splendour. Always in good relationships with his neighbours, he was lieutenant of the Duchy of Savoy and the Marquisate of Montferrat for several years.
His neutral policies also gained him international importance. When, in 1458, the Republic of Genoa submitted to Charles VII of France, Ludovico was chosen as governor of that city, but refused the position.
He was succeeded by his less fortunate son Ludovico II.