"Variant of Nicholas"
The name Nikolay is commonly a male name from the "Greek" origin.
Nikolay is the Russian and Bulgarian form of Nicholas, from Greek Nikolaos, a compound of nike, meaning victory, and laos, meaning people. The spelling Nikolai is also used when the name is transliterated into English. Its first appearance in United States birth records in 1992 reflects this transliterated spelling entering those records, not the age of the name itself.
Nicholas means "Victorious people.".
The pronunciation of Nikolay is nik-uh-LYE.