Ranney served in the American Civil War in the 2nd Michigan Volunteer Cavalry Regiment. He received the Medal of Honor on April 24, 1901, for his actions at the Battle of Resaca on May 14, 1864. Ranney later gifted land to the City of Lansing in what would become Ranney Park that today features a skatepark, baseball diamond and a coming wetland park that is under construction as of Fall 2020.