Draycott was recorded in the Domesday Book as Draicott. Popular local belief says the name comes from Dry Cote or dry place and was originally inhabited by those escaping the flooding at Wilne.

A Roman road passes through Draycott. Historic buildings lining its route include the 16th century Victoria Hotel and the 18th century coaching inn, The Coach and Horses.

Draycott market place was also the changing point for coal-cart donkeys, known as neddies, bringing coal to the river from mines to the north. Local people are still sometimes referred to by their neighbours as 'neddies'!

Cotton spinning and later, lace manufacture were major employers in the area. Easily the most prominent landmark in the parish is the impressive four-storey Victoria Mills; now owned by W.J. Parry Ltd. Terah Hooley, the well-known and, some would say, infamous, local businessman, began the building When it was completed in 1907 the mill was the largest lace factory in Europe. This factory was known locally as the ark because its measurements were said to be the same as the ark built by Noah in the Bible. Opposite the factory is a single-storey building that is the only purpose-built Edwardian architect's office in the country.

Near neighbour Church Wilne lies on the banks of the Trent. In the past it was a larger settlement and evidence of an abandoned Medieval village has been found near the church. Because of flooding, only a few buildings now remain. Nearby is St Chad's water, a flooded gravel pit managed by the Parish Council as a nature re-serve.