Karunakara Menon was born in 1891 in the town of Chittur in the then Cochin kingdom in a family of six.
On completion of his education, Menon joined the Madras Board of Revenue as a clerk.
Menon was soon transferred as district collector of South Canara and to the Development Department as Secretary.
In 1944, Menon succeeded G. T. Boag as the Diwan of Cochin kingdom and served till 15 August 1947, when India obtained independence.
In his later life, Karunakara Menon served as an advisor to the Indian government and was instrumental in setting up the Chittur College.