Upon the death of his father in 1034, Otto succeeded him as count palatine as well as count in Deutz and in the Rhenish Auelgau, as his elder brother Liudolf had died already in 1031. He also served as protector (Vogt) of Brauweiler Abbey near Cologne, which had been founded by his parents.
In the conflict with Duke Godfrey III of Lower Lorraine, Otto remained a loyal supporter of the Salian king Henry III. In turn Henry vested him with the princeless Duchy of Swabia, which he had seized upon the early death of Duke Herman IV. At Easter on 7 April 1045 in Goslar, the ducal title was awarded to Otto; in exchange, he gave up the office of count palatine, which was bestowed on his cousin Henry I. Also, his territories in Kaiserswerth and Duisburg devolved onto the crown.
On 7 September 1047, Otto died unexpectedly at his castle,[6] the Tomburg, while preparing an imperial campaign against the invading forces of Count Baldwin V of Flanders and Count Dirk IV of Holland. He was buried in Brauweiler Abbey; the ceremony was held by his brother-in-law, Bishop Bruno of Toul, the later Pope Leo IX. In 1048, Emperor Henry III appointed Otto of Schweinfurt his successor as Duke of Swabia.