Katrakis was born in Kissamos, Chania, Crete. He was the youngest of the five children of the merchant Charalambos Katrakis merchant and his wife Irini.

In 1919 the family moved to Athens, where Manos, who had almost no acting experience, first appeared in theatrical scene. He made his debut aged just 18 years, with the group "Young" at work "To love." His brio and capacity enthralled the director Kostas Leloudas, so a year later, in 1928, he played the leading role in the silent film To lavaro tou '21 (1929) (i.e. "The banner of 1821").

Among his remarkable film performances are included the ones of the title role in Marinos Kontaras (1948) by Giorgos Tzavellas, in Synoikia to Oneiro (1961) by Alekos Alexandrakis, in Ilektra (1962) by Michael Cacoyannis, and in Enas delikanis (1963) by Manolis Scouloudis. Awarded at the International Festival of San Francisco, for for his interpretation as Creon in Antigoni (1961) by Giorgos Tzavellas, and in the Thessaloniki Film Festival for his performance in Synoikia to Oneiro (1961)." He also participated in hundreds of events where the readings of Greek poetry and literature with his unique voice, remained classics.

He died shortly after completing the filming of Taxidi sta Kythira (1984) of the great director Theodoros Angelopoulos.