Franke studied physics, mathematics, chemistry, psychology and philosophy in Vienna. He received his doctorate in theoretical physics in 1950 by writing a dissertation about electron optics.

Since 1957, he has worked as a freelance author. From 1973 to 1997 he held a lectureship in "Cybernetical Aesthetic" at Munich University (later computer graphics - computer art). In 1979, he co-founded Ars Electronica in Linz/Austria. In 1979 and 1980, he lectured in "introduction to perception psychology" at the Art & Design division of the Bielefeld University of Applied Sciences. Also in 1980 he became a selected member of the German PEN club.

A collection of short stories titled "The Green Comet" was his first book publication. In 1998, Franke attended a SIGGRAPH computer graphics conference in Orlando and was a juror at the "VideoMath Festival" Berlin. He also took part in innumerable performances and presentations.

• 1964 The Magic of Molecules (Magie der Moleküle, 1958)
• 1973 The Orchid Cage (Der Orchideenkäfig, 1961)
• 1974 The Mind Net (Das Gedankennetz, 1961)
• 1974 Zone Null (Zone Null, 1972)
• 1979 Ypsilon minus (Ypsilon Minus, 1976)
• 1971 Computer Graphics: Computer Art (Computergraphik - Computerkunst, 1971)
• 2003 "Vorstoß in die Unterwelt - Abenteuer Höhlenforschung" (Approach to the Underworld - Adventure Cave Research) was published.
• 2004 "Sphinx_2" released.
• 2005 "Cyber City Süd" released.
• 2006 "Auf der Spur des Engels" released.
• 2007 "Flucht zum Mars" released.

The well-known weekly German newspaper "Die Zeit" calls him "the most prominent German writing Science Fiction author".