Sridevi was born in Sivakasi, Madras State, India on 13 August 1963 to Ayyapan and Rajeshwari. Her father was a Lawyer from Sivakasi, Tamil Nadu. Her mother was from Tirupati, Andhra Pradesh. She has a sister and two stepbrothers. Sridevi was always accompanied by her mother Rajeshwari or by her sister Srilatha to the film sets during shooting of her films between 1972 and 1993. Sanjay Ramaswamy is married to her sister Srilatha since 1989.

Sridevi started her career as a child actor at the age of four in the Tamil movie Kandan Karunai in 1967. Subsequently, she played the role of young Muruga in Thunaivan. Sridevi made her debut in Tollywood as a child Artist with the 1970 Telugu film Maa Nanna Nirdoshi. Baby Sridevi’s performance in Poompatta (1971) in Malayalam won her the Kerala State Film Award for Best Child Artist. Kandan Karunai (1967), Nam Naadu (1969), Prarthanai (1970), Babu (1971), Badi Panthulu (1972), Bala Bharatam (1972), Vasantha Maaligai (1972) and Bhakta Kumbara (1974) are the most notable films of her career as a child Artist. In 1972, Sridevi debuted as a child Artist in Bollywood with Rani Mera Naam directed by K. S. R. Das. She also did Julie, where she played younger sister to the protagonist Lakshmi. She acted with Jayalalitha in Thirumangalyam, Kandan Karunai and Adi Parashakti.

Sridevi made her debut as child artiste in Kannada with Bhakta Kumbara (1974) directed by Hunsur Krishnamurthy. Her other films as a child Artist in Kannada included Bala Bharatam and Yashoda Krishna. She was also a part of Hennu Samsarada Kannu (1975), directed by A.V. Sheshagiri Rao. Sridevi also acted opposite Ambarish in Priya (1978), produced by S. P. Muthurraman. She made her debut in Malayalam films with Kumara Sambhava in 1969 as child actor, followed by I. V. Sasi's Abhinandanam. Her notable films as the lead heroine in Malayalam were Thulavarsham, directed by N. Sankaran Nair in 1976 and M. Masthan's Kuttavum Shikshayum a remake of the Tamil film Pennai Nambungal with Kamal Haasan starring opposite her. She next started in the Malayalam release was Satyavan Savithri. In 1981, she starred in the Tamil film Meendum Kokila which won her the Filmfare Award for Best Actress – Tamil. In 1982, Sridevi starred in Moondram Pirai playing a woman suffering from amnesia and went on to win the Tamil Nadu State Film Award for Best Actress. She was paired with Kamal Hasan in 27 films across languages.

In 1976, Sridevi started her first leading role in the Tamil film Moondru Mudichu directed by K. Balachander. She followed it with a number of films with Kamal Haasan and Rajinikanth. Sridevi's first release of 1977 was Gayathri, followed by Kavikkuyil and 16 Vayathinile, where she played the role of a young girl who is caught between her two lovers. She also starred in the movie's Telugu remake Padaharella Vayasu in 1978. Her subsequent notable films included Bharathi Raja's Sigappu Rojakkal, S. P. Muthuraman's Priya, Karthika Deepam, Johnny, Varumayin Niram Sivappu and Aakali Rajyam. She acted with N. T. Rama Rao in Bobbili Puli, Justice Chowdhary and Aatagadu. She acted alongside Sivaji Ganesan in Sandhippu, Kavari Mann and Pilot Prem Nath.

Sridevi made her debut as a heroine in Hindi films in Solva Sawan in 1979. Four years later she was signed to star opposite Jeetendra in Himmatwala. The film released in 1983 and became one of the biggest blockbusters of the year. It established Sridevi in Bollywood and earned her the famous sobriquet 'Thunder Thighs'. Her dance number "Nainon Mein Sapna" became a rage with Rediff stating that "the water pots may have dominated most frames in "Nainon mein sapna", but it was Sridevi's bejewelled outfits and headgears that stole the show". The following year Tohfa released and turned out to be the biggest hit of 1984. The film established Sridevi as one of the leading Actress of Bollywood. with Filmfare magazine declaring her "Unquestionably No.1" on their cover.

The pair of Jeetendra-Sridevi did 16 films together of which Himmatwala (1983), Jaani Dost (1983), Justice Chaudhry (1983), Mawaali(1983), Akalmand (1984), Tohfa (1984), Balidaan (1985), Aulad (1987), Suhagan (1986), Ghar Sansar (1986), Dharm Adhikari (1986),Sone Pe Suhaaga (1988) were successful and Aag Aur Shola (1986), Himmat Aur Mehanat (1987), Sarfarosh (1985) were flops Sadma released in 1983, brought Sridevi critical acclaim. A remake of her Tamil film Moondram Pirai, Sadma is included in iDiva's list of '10 Must Watch Movies That Weren't Blockbusters'. She also acted with A. Nageswara Rao's son Nagarjuna - like Aakhari Porattam, Govinda Govinda and Khudah Gawah. She has played heroine to both Dharmendra and his son Sunny Deol.

Sridevi had successful pairing with Rajesh Khanna in films such as Naya Kadam (1984), Maqsad (1984), Masterji (1985) and Nazrana (1987). In 1986, came the snake fantasy Nagina which saw Sridevi play an 'ichhadhaari naagin' or a shape-shifting woman. The film turned out to be the second biggest blockbuster of the year, with Box Office India stating that Sridevi remained "the undisputed No.1". It was also named one of the best snake fantasy films by Yahoo. Times of India ranked Nagina as one of the 'Top 10 Snake Films of Hindi Cinema'. Sridevi's climax dance number 'Main Teri Dushman' also remains one of the best snake dances in Bollywood with Desi Hits calling it "one of Sridevi's most iconic dance numbers...that still gives fans goose bumps" and iDiva describing it as "the stuff of movie legends". Besides Nagina, 1986 also saw Sridevi giving box-office hits in Subhash Ghai's multi-starrer Karma and Feroze Khan's Janbaaz. According to CNN-IBN Bollywood Blockbusters, "Sridevi's popularity grew so much that despite having a guest appearance in Janbaaz, she completely overshadowed the film's lead heroine Dimple Kapadia".

Sridevi followed the success of Nagina by playing a goofy crime Journalist in the 1987 film Mr. India, described by Rediff as "one of the most iconic films of its time". Directed by Shekhar Kapur, it became one of the highest grossing hits of the year and also found a place in Hindustan Times' list of 'Top 10 Patriotic Films of Hindi Cinema'. While the trade famously joked that the film should have been named Miss India, Rediff.com also stated that "Sri was a complete show-stealer in the film". Sridevi's imitation of Charlie Chaplin in the film was described by The Times of India as "the most hilarious act she has ever done". Rediff also featured Sridevi in its list of 'Super Six Comic Heroines' stating that "her mobile face expressions could give Jim Carrey sleepless nights" and that "her biggest plus point is her ability to be completely uninhibited in front of the camera".

The same year also saw the release of the Yash Chopra romantic saga Chandni, with Sridevi playing the title role. The film emerged as one of the biggest blockbusters of 1989. Cited by The Times of India as "one of the most watched films of Indian cinema", the film also reaffirmed Sridevi's position as the top female star of the 1980s. While she topped the Hindustan Times' list of Yash Chopra's 'Top 5 Heroines', CNN-IBN also ranked her first on a similar list, saying "Yash Chopra immortalised Sridevi as the perfect Chandni". India Today and NDTV also included her in such lists, stating that the film established Sridevi "as the nation's sweetheart". The Tribune wrote: "Leena Daru scored a winner again when she created the 'Chandni Look' for Sridevi. Every street corner sold the salwar-kameez and dupatta that gave the heroine a refreshingly understated look, rarely seen on the Indian screen", Sridevi's dance number "Mere Hathon Mein Nau Nau Choodiyan" proved also popular with audiences, and she also lent her voice to the film's popular title-track. Sridevi garnered Filmfare Best Actress nominations for both Chandni and ChaalBaaz in 1989, winning with the latter.

Sridevi was considered one of the biggest female superstars of Bollywood films. Due to her pan-Indian appeal, she was considered to be one of the most popular actresses of Indian cinema. Critics have commented on her comedic abilities and her skills as a Dancer. In the 1990s, Sridevi was one of the highest earning actresses of Bollywood. In a 2013 national poll conducted by CNN-IBN on the occasion of the centenary of Indian cinema, Sridevi was also voted "India's Greatest Actress in 100 Years".

Yash Chopra again cast Sridevi in his 1991 film Lamhe. The Times of India included it in its list of 'Top 10 Films of Yash Chopra' describing it as a tale of "love transcending the boundaries of time and space" while Rediff called it "Quite easily one of his most definitive films, Chopra surpassed his own findings of romance with the insightful, lovely Lamhe". Sridevi played both mother and daughter roles in what iDiva described as "another double role, but it was unlike any played before". Hailed by Rediff as "one of the most remarkable films of her career...often considered a film way ahead of its time", Sridevi's folk dance number 'Morni Baga ma' also became a rage and was placed among the 'Top 5 Songs' of Yash Chopra by Hindustan Times. Lamhe failed commercially but received high critical praise and has over the years become a cult classic. Talking about the film, critic Rachel Dwyer wrote in her biography of the film-maker "Yash Chopra's own favourite film, Lamhe ('Moments', 1991), divided the audience on a class basis: it was hugely popular with metropolitan elites and the overseas market, which allowed it to break even, but it had a poor box office response (largely lower class, especially the repeat audience) because of its supposed Incest theme". The Hindu reported that "With shades of Incest, Lamhe caused more than a flutter and remained the talk of the town", while Sridevi herself admitted in an interview with Rajeev Masand that she found the subject "too bold". Though the film flopped with Rediff describing its failure as "one of those bizarre, unexplained moments of cinema", Lamhe picked up five Filmfare trophies including Filmfare Award for Best Film and Sridevi's second Filmfare Award for Best Actress. Her popular Rajasthani costumes in the film also won designer Neeta Lulla her first National Film Award for Best Costume Design.

In 1992, Sridevi starred in the epic Khuda Gawah opposite Amitabh Bachchan. The Actress played a double role again as an Afghan warrior Benazir and her daughter Mehendi. Shot mostly in Mazar-i-Sharif, Afghanistan, it did good Business with BBC reporting that "it ran to packed houses for 10 weeks in Kabul". Khuda Gawah still remains popular in Afghanistan and Rediff reported that the film is "in great demand after the re-opening of cinema halls in the country" in 2001. The film picked up the Filmfare Award for Best Director while Sridevi earned a Filmfare nomination for Best Actress. The actress's big budget 1993 release Roop Ki Rani Choron Ka Raja was one of India's most expensive films ever made. Though the film failed at the box office, Sridevi was appreciated with Times of India calling her disguise in a comedy scene "the best ever South Indian role played by any actress".

Sridevi next starred in the 1993 thriller Gumrah, opposite Sanjay Dutt. Directed by Mahesh Bhatt, the Actress played a singer falsely accused of drugs smuggling in Hong Kong. Bollyspice stated in its 'Sridevi Retrospective' that "Despite very good performances from the rest of the cast, Gumrah was really Sridevi's film. She managed to exemplify female emotion and robustness to a great degree that you remember the film largely for her significant contribution towards it". Her performance received another nomination for the Filmfare Best Actress Award. In 1994, Sridevi teamed up with Anil Kapoor again in Laadla playing Business tycoon Sheetal Jaitley. The character, described by Times of India as "rude, dominant and very competitive" brought her yet another Filmfare nomination.

She acted in her comeback film in Malayalam in 1996 Bharatan's Devaraagam, a love story in which she starred opposite Aravind Swamy. The last major film Sridevi starred in before she took a break from the industry was Judaai, released in 1997. Along with Anil Kapoor and Urmila Matondkar, the Actress played a greedy housewife going to extreme lengths for money. Talking about her swan song, critic Subhash K. Jha wrote that Sridevi "left us with the most stunning hurrah in Judaai. A terrible film that I've watched countless times to see her play the money-minded harridan who 'sells' her husband to Urmila Matondkar. Who but Sridevi could carry of such an outrageous role with such enthusiastic élan?!" while Bollyspice stated that "She used her polished acting skills to illustrate her character’s greed and individualism at such a grotesque level." Judaai won Sridevi her eighth Filmfare nomination for Best Actress.

After a six-year hiatus, Sridevi briefly returned to the small screen in the Sahara sitcom Malini Iyer (2004–2005). She also appeared on Jeena Isi Ka Naam Hai (2004) and as a judge in the TV show Kaboom (2005). She performed a medley of some of her musical numbers at the 52nd Filmfare Awards 2007. She is also a member of the Board of Directors at the Asian Academy of Film & Television.

She has also appeared on the cover of several fashion magazines. In 2007, she was featured on the cover of Hi Blitz with the tagline "The Goddess Returns". In 2011, she featured on the cover of Marie Claire, and in 2012, she was on the cover of L'Officiel. In 2013, Sridevi appeared on the cover of Vogue, which was mentioned in Hindustan Times, The Times of India, and India Today.

Sridevi made her debut as a fashion model in 2008. The Actress modelled clothes for designers Priya and Chintan at the Lakme Fashion Week. The next year, she displayed the work of jewelry designer Queenie Dhodhy at the HDIL India Couture Week. She worked at Lakme Fashion Week again in 2010, and at Delhi Couture Week 2012, showing clothes designed by Sabyasachi Mukherjee.

On 19 September 2009, Sridevi appeared on the Sony TV show 10 Ka Dum, hosted by Salman Khan. In the episode, she and her husband Boney Kapoor were guests, along with actor-director Prabhu Deva, Actress Ayesha Takia and the musical duo Sajid-Wajid, all of whom had come to promote their film Wanted.

Sridevi has also developed a passion for painting. In March 2010, her paintings were sold by an international art auction house with the money raised being donated.

With the success of English Vinglish, Sridevi became the only Actress in Bollywood to make a successful comeback as a leading lady after marriage and a long hiatus. Shinde featured her in the Financial Times 2012 list of '25 Indians To Watch'. She topped Rediff.com's annual listing of the "Bollywood's Best Actresses" in 2012; the website wrote English Vinglish "is a simple film where things are credible, never melodramatic" and Sridevi "always judges the tone right. It's the sort of performance younger actresses [...] should learn from." Sridevi was declared the most-admired Bollywood Actress of 2012 in a mobile survey conducted by Vuclip, the world's largest mobile research company. She was nominated for several awards, including her ninth Filmfare Best Actress nomination. Following an appearance during the song "Apna Bombay Talkies" in the film Bombay Talkies (2013), Sridevi starred in the Tamil fantasy action adventure film Puli (2015).

In 2013, the Government of India awarded Sridevi the Padma Shri, the country's fourth highest civilian accolade for her contributions to the entertainment industry. Honourary awards were also conferred on her by the state governments of Tamil Nadu, Andhra Pradesh and Kerala. Sridevi was also voted 'India's Greatest Actress in 100 Years' in a CNN-IBN national poll conducted in 2013 on the occasion of the centenary of Indian cinema. She was married to the film Producer Boney Kapoor, with whom she had two children.

Sridevi received the 'Ultimate Diva' award at the Ciroc Filmfare Glamour & Style Awards in 2015.

Sridevi was next seen in her home production titled Mom (2017), which marked her 300th film. In the thriller film, she played a mother who sets out to avenge the rape of her daughter. Sridevi said that as a mother and an artiste, she empathized with her character's rage, and found it hard to be in a normal state during the filming. Mom was released on 7 July 2017 to generally positive reviews, with critics widely appreciating Sridevi's performance. The Times of India and The Indian Express added Sridevi "demonstrates why she is the high-priestess of Indian cinema" and that she "needs only a twitch or a glance to prove that she is a powerhouse and there are several scenes she lifts by just being there." For her performance, Sridevi received the National Film Award for Best Actress and earned nominations for the Filmfare Award for Best Actress, Filmfare Critics Award for Best Actress and Screen Award for Best Actress. At the time of her death, Sridevi was not shooting for any upcoming films; her last on-screen appearance will be in Anand L. Rai's upcoming film Zero (2018) in a cameo.

In a highly exceptional move, the film Actress became one of the few people from the Indian entertainment industry to be accorded with full state honours usually reserved only for current and former prime ministers, union and state ministers. Sridevi was included in 2018 In Memoriam section during the 90th Academy Awards ceremony.

Sridevi’s funeral is estimated to have attracted the fourth highest number of mourners, ranking below the 3 previous biggest funeral processions of non political film personalities Mohammad Rafi, Kishore Kumar and Rajesh Khanna in India from Hindi film industry.