Lane MacDonald had a notable career in college hockey while attending Harvard University. In his sophomore year during the 1986-87 season, he was a key player for the Crimson, earning a spot as a Top 10 Finalist for the Hobey Baker Award. That season, he was also named a First-Team All-American and an All-ECAC First-Team selection. During the 1986-87 season, MacDonald scored 37 goals and 30 assists for a total of 67 points in 34 games played. He also earned the title of Most Valuable Player of the 1987 ECAC Tournament.

Although he was drafted by the Calgary Flames in the 1985 NHL Entry Draft, MacDonald chose to finish his education at Harvard. He later took a year off from college to play for the U.S. Olympic team in 1988 before returning to Harvard to cap off his career by winning the Hobey Baker Award in 1989. After his college career, his professional playing time was limited to a single season with HC Lugano in Switzerland, as recurring head injuries forced him to retire from the sport. He was later inducted into the U.S. Hockey Hall of Fame.