Born in Billinge Higher End, Lancashire, Fraser was educated at the Gayton High School in Harrow, London and Orange Hill High School, Edgware, Greater London. Perhaps his finest hour came in the Barbados Test Match of the 1993/94 West Indies tour when Fraser took 8–75 in the first innings to help set up a famous victory, West Indies' first defeat at Bridgetown for over half a century. His career-best first-class cricket bowling figures of 8–53 were taken in a Test match and against the same opposition, this time at Port of Spain, Trinidad and Tobago, in 1997/98. Despite taking eight wickets in that innings, he was not named Man of the Match which was awarded to Carl Hooper, from the victorious West Indies side.

His ODI highest score of 38 not out was made late in the innings at number 10, which included a massive six off Steve Waugh and almost brought England back from the brink of defeat against Australia during the 1990/91 tour (Australia won by three runs). Another fine moment with the bat was in a last-wicket second-innings stand with Robert Croft to save the Third Test at Old Trafford against South Africa in 1998. He also toured New Zealand representing England. Throughout his career he used a bat nicknamed the "Gussy Hitter", the blade of which was designed by his mother.

Although born in Lancashire, Fraser played all of his county cricket for Middlesex in a first-class career spanning 1984 till 2002; he served as county captain from 2001 until his retirement in 2002. After that, he worked as the cricket correspondent of The Independent newspaper (2002–2009), until his appointment to the newly created role of managing director of Cricket by Middlesex County Cricket Club in January 2009. He is a regular contributor to the BBC's Test Match Special and a cricket pundit for Sky Sports.

In the 1996 edition of Wisden, Fraser was one of the Wisden Cricketers of the Year.

He now resides in Pinner with his wife and two children, Alexander and Bethan. In 2008, in his first managerial role, Fraser secured the U15 Middlesex Schools Association County Cup with The John Lyon School, where his son was in the squad.

Fraser is a fan of, and regular visitor to, Wealdstone Football Club.

Fraser has been the director of cricket at Middlesex County Cricket Club since 2009 and chief selector for the England cricket team since 2014.^[4][5]

Although disenchanted with all political parties, Fraser leans Conservative.^[6]