As the granddaughter of Eduardo Ugarte, who was a Writer and set designer, and collaborator with Luis Buñuel, and also the great granddaughter of the Alicante Writer Carlos Arniches, it did not take her long before debuting on the stage. She studied at Nuestra Señora del Pilar school in Madrid. Ugarte debuted in the short film Mala Espina (2001), directed by Belén Macías, and won one of the prizes at the Alcalá de Henares Festival of Short Films. Combining her performance classes with dance and her Philosophy career, she has been in series like Policias, en el corazón de la calle (Antena 3) and Hospital Central (Telecinco). In 2006, at twenty-one years old, she was nominated for the Goya Award for Best New Actress in her role as Consuelo in the film Cabeza de Perro directed by Santi Amodeo.

It was two years later, in 2008, when the series La Señora (La 1) premiered, that Ugarte, who played the main character (Victoria Márquez), won big popularity. This same year, she was also in the film El juego del ahorcado, with Clara Lago and Álvaro Cervantes. Afterwards came Castillos de carton (2010), a film directed by Salvador García Ruiz that co-starred Nilo Mur and Biel Durán, and Lo contrario al amor (2010), co-starring beside Hugo Silva. She was also in the miniseries Niños robados (Telecinco), in which she plays Susana.

In 2013, two years after shooting was finalized, El tiempo entre costuras (Antenna 3) premiered, the series based on the novel of the same name by Writer María Dueñas, that starred Ugarte as Sira Quiroga/Arish Agoriuq, achieving large viewing figures.