Nikolai Vasilyevich Otrakov was born in 1858 in a priest's family in Veliky Ustyug, located in the Vologda province. After graduating from the Vologda gymnasium, he enrolled in the medical faculty of Moscow University, where he studied alongside Anton Chekhov. In June 1885, he received his diploma as a zemstvo doctor. From July of that year, he worked as a zemstvo doctor in the 2nd medical district of Nikolsky County and headed the Podosinovskaya hospital, where he worked for the next twenty years. From May 1905, he held the position of Vologda County zemstvo doctor with the rank of state councilor, while also serving as a doctor at the provincial prison, a teacher at the paramedic school, and a physician at the city school.

From 1909 to 1928, Nikolai Vasilyevich continued to work as a doctor and head of the hospital in Podosinets. He was a specialist in various fields: treating eye diseases, engaging in surgery, gynecology, venereology, obstetrics, and forensic expertise. He also monitored the epidemiological situation regarding syphilis, cholera, and typhus in Nikolsky County. Thanks to his initiative, schools were built in the villages of Ananino and Aksentyevskaya in 1911, and in 1914, a public library was opened in Podosinets. He taught chemistry and hygiene at the local school.

On August 20, 1928, Nikolai Otrakov was awarded the honorary title of 'Hero of Labor' by the decision of the Presidium of the All-Russian Central Executive Committee.

In December 1929, he retired and passed away in January 1940 in Podosinets, where he was buried in the old village cemetery. In 1989, his remains were reburied in the new cemetery of Podosinets.

In 2005, the central district hospital in Podosinets was named after Nikolai Otrakov. A bust of him was installed in the park next to the hospital, and in 2008, a memorial plaque in his honor was placed on the hospital building.

Nikolai Vasilyevich was awarded the Order of Saint Anna II class in 1884 and a silver medal in memory of the reign of Emperor Alexander III in 1896.