Grayson was born in Birkenhead. He was educated at Winchester College and later played first-class cricket for Liverpool and District against Nottinghamshire in 1889 and Yorkshire in 1890, scoring 66 runs at an average of 16.50, with a high score of 42. His brother John was also a first-class cricketer.
He entered the family shipbuilding and ship-repairing firm, H. & C. Grayson Ltd, which had been founded on the River Mersey in 1760 and of which his father was managing director. He succeeded his father on the latter's death in 1904 and was also managing director of the Garston Graving Dock & Shipbuilding Co Ltd.
In 1914 he became a member of the Shipbuilders' Advisory Committee to the Admiralty, and in 1916 was appointed Director of Ship Repairs (Home), a post he held until 1919, with a commission in the Royal Marines. For this work he was appointed Commander of the Order of the British Empire (CBE) in 1920, Knight Commander of the Order of the British Empire (KBE) later that year, and created a baronet in the 1922 New Year Honours.
He lived on Anglesey, of which he was High Sheriff for 1917. From 1939 to 1945 he was chairman of the Anglesey Joint War Organisation and the North Wales Regional Council and commissioner of the St John Ambulance Brigade for Anglesey.
- "First-Class Matches played by Henry Grayson". CricketArchive. Retrieved 28 May 2013.
- "First-class Batting and Fielding For Each Team by Henry Grayson". CricketArchive. Retrieved 28 May 2013.
- The London Gazette: . 30 March 1920.
- The London Gazette: . 30 December 1921.
- Obituary, The Times, 30 November 1940
- Hansard 1803–2005: contributions in Parliament by Henry Grayson
|Parliament of the United Kingdom|
|New constituency||Member of Parliament for Birkenhead West
William Henry Stott