From 1921 to 1925 Augusta studied at the university in Brno. Between 1933 and 1968 he held posts at the Charles University in Prague as lecturer, professor, and dean of the faculty.
In addition to his scientific work (about 120 publications), Augusta wrote about twenty books popularizing his profession, mostly targeted to the youth. He is best known for his reconstructions of fossil flora and fauna, together with the painter Zdeněk Burian (1905–1981). He also participated in the famous movie Cesta do pravěku (Journey to the Beginning of Time) (1954).