He was born in the city of Liverpool and became interested in the subject at the age of eleven. As well as being a performer he was involved in the merchandising of "magic tricks" and was employed by the Gamagesdepartment store in central London, 1905-1914. During this time he edited the Magician Annual (1907–1912) and, in 1912, Will Goldston's Exclusive Magical Secrets in an edition of one thousand that was republished in 1977. Later in his life he was noted as the person who cracked the "Zancig Code" used by the Danish illusionists of that name and was employed to 'prove' the authenticity of mediums and similar people.
He was a lifelong friend of Harry Houdini. Goldston was the founder and president of the London-based Magicians' Club which he founded in 1911.
Goldston was one of the very few magicians to ever be converted to spiritualism. He believed psychic phenomena and Spiritualism to be real, however, he also wrote that many mediums were frauds who used conjurer tricks. He summarized his views on Spiritualism in his book Tricks of the Masters (1942).