Morgan was born in Grand Tower, Illinois, and grew up in St. Louis, where he graduated from the St. Louis School of Fine Arts. Morgan was a good friend and colleague with L. Frank Baum and shared a studio with William Wallace Denslow, both joint creators of “The Wizard of Oz”. Both W.W. Denslow and Ike Morgan were influenced by Japanese woodcuts on French prints. Morgan developed his own pen-and-ink style and took pride with his color work in the “Woggle-Bug Book”, Boylan's “Kids of Many Colors” and in “Steps to Nowhere". His bold illustrations and colors used in various shapes and sizes emphasized his drawings in a dramatic way, rather than limiting their natural scope, so widely incorporated by other illustrators. Morgan was commissioned often for his paintings, theatrical posters and magazine covers.
Ike was married to Mrs. Pauline H. Swain Morgan. According to Denslow’s biography it was Denslow who had hosted Morgan's wedding reception while his former roommate Paul Tietjans performed some of the music.
Apart from Baum and Oz, Morgan illustrated other books, works like Tales from Longfellow and several books by Grace Duffie Boylan.