When Manos was 10 years old, his family moved from Crete to Athens, where his father searched for work.

He took part in the resistance as a member of EAM/ELAS [citation needed] and after refusing to sign a declaration of repentance during the Greek Civil War of 1946–49,[citation needed] he was exiled to Makronisos, along with such other well-known figures as Yiannis Ritsos, Nikos Koundouros, Mikis Theodorakis and Thanasis Veggos.

Shortly before his death, he filmed his last and best movie Taxidi sta Kythira, the Journey to Kythera/Kythira, with director Theo Angelopoulos.

Katrakis died at the age of 76 on 2 September 1984, from lung cancer; he had been an avid smoker for most of his life.

In 2009 the Greek Post Office issued a €0,01 postage stamp in honor of Katrakis.