He was born into the family of the animalist sculptor Yevgeny Lanceray.
In 1898-1904 he studied at the architecture faculty of the Higher Art School and was one of the students of Lev Benois. Nikolay Lanceray created projects in various historical styles and in Art Nouveau. He worked on interiors and design of art exhibitions in St. Petersburg. He designed monuments and industrial buildings.

In 1918-1922 he lived with his family in Anapa and Nakhichevan-on-Don. From 1922 he lived in Petrograd and worked in the style of Neoclassicism and Constructivism. He is the author of the competitive project of the lighthouse memorial to Christopher Columbus in Santo Domingo (1928-1929).
Nikolay Lanceray was an outstanding book illustrator, graphic artist and the author of water color cycles dedicated to Leningrad and its suburbs.
He was also known as the author of researches on the history of Russian architecture, restorer, and museum worker.
In 1931-1935 Nikolay Lanceray worked in the Special Design Engineering Bureau.
From 1908 he headed the Architecture Faculty of the Higher Art School for Decorative Arts, the water color department at the Graphic Art Faculty of the Leningrad Higher Art and Technical Institute.
On March 2, 1931 Nikolay Lanceray was arrested. On January 19, 1932 he was condemned for espionage in favor of France.
Nikolay Lanceray perished on his prison transfer during the war time and was buried at a prison cemetery in Saratov. The artist was posthumously rehabilitated on November 5, 1957.
He was the father of the architects Natalya Lanceray (1910-1998) and Alexey Lanceray (1916-2003).