Nicholas was older son of John "the Iron" and Helena of Lithuania (niece of King Wladyslaw II Jagiello of Poland).

[2] Nicholas and his younger brother Wenceslaus II were minors when their father died in 1424, their mother, Helena of Lithuania acted as regent until 1428.

Nicholas V and Wenceslaus II ruled their duchy jointly until October 15, 1437, at which time they divided their inheritance.

In 1443, Nicholas allied himself with Dukes William of Opava, Przemyslaus II of Cieszyn, and Henry IX of Żagań-Głogów against the robber barons who infested Silesia.

They had two children:[4] Since her stepsons John IV and Wenceslaus II were minors when Nicholas V died in 1452, Barbara was regent of Racibórz, Krnov, Bruntál and Rybnik from 1452 until 1462.