Dmitry Pankin was born on October 6, 1957, in Leningrad (now known as St. Petersburg). In 1981, he graduated from the Leningrad State University (now the Saint Petersburg State University) with a degree in political economy.
In 1987, he finished his postgraduate studies at the same university and gained a Ph.D. in Economics.
In 1981-1989, Dmitry Pankin worked as a lecturer at the Leningrad Agricultural Institute (now the Saint Petersburg State Agrarian University), in 1989-1990 he was a senior lecturer at the Cherkasov Leningrad State Institute of Theatre, Music and Cinematography (now the St. Petersburg State Theatre Arts Academy).
From 1990, Dmitry Pankin served as a director of the economic reform committee of the Leningrad City Council's Executive Committee, from 1992 he was director of the Leontyev Center, an international center of social and economic studies.
From 1992, Dmitry Pankin served as acting deputy director, deputy chairman of the financial committee of the Main Financial Directorate of the Leningrad City Council's Executive Committee; deputy chairman of the Financial Committee of the St. Petersburg government.
From July till December 1994, Dmitry Pankin worked as a deputy chairman of the St. Petersburg government's committee for economy and finance.
From December 1994 through August 1999 and from August 2000 through June 2003 he held the position of CEO at the St. Petersburg Bank for Reconstruction and Development.
From 1999, Dmitry Pankin worked as a department director at Russian electric power company RAO UES.
From June 2004, he was the deputy director at the Finance Ministry's department for international financial relations, government debt, and state financial assets.
From November 2005, he was the director of the Finance Ministry's department for international financial relations, government debt, and state financial assets.
In January 2008, Dmitry Pankin was appointed Russian Deputy Finance Minister.
On April 11, 2011, Dmitry Pankin was appointed Head of the Federal Service for Financial Markets.
In 2007, he was awarded the Medal of the Merit, II degree.