Archbishop Srakić was born into a Croatian Roman Catholic family of Marko and Katja (née Orešković) in the present-day Osijek-Baranja County.

After graduation the Archdiocesan Classical Gymnasium in Šalata in Zagreb, he made the maturity exam at the lyceum of the Theological College in Đakovo and consequently joined the Theological Faculty at the University of Zagreb, where completed his studies with a Licentiate of the Theology degree,[1] and was ordained as priest on March 6, 1960 for his native Roman Catholic Diocese of Đakovo or Bosna and Srijem.

Srakić continued his studies at the Pontifical Lateran University in Rome, Italy with a Doctor of the Moral theology degree.

On March 24, 1990, he was consecrated as bishop by Cardinal Franjo Kuharić and other prelates of the Roman Catholic Church in the Cathedral of St. Peter and St. Paul in Đakovo.

[1] Retired on April 18, 2013, after reached age limit of 75 years old.