Bipasha was born to a Bengali Hindu family. She has an elder sister Bidisha and a younger Vijayeta. She completed upto 12th standard at Bhavan’s Gangbux Kanoria Vidyamandir and then studied commerce at The Bhawanipur Gujarati Education Society College. She did her modeling and ramp shows as a part time in Kolkata. She met Mehr Jessia who was a model in 1996, who later suggested Basu to take part in the Godrej Cinthol Supermodel contest. Bipasha participated and won the contest.
Bipasha have been in relationship with actor John Abraham since 2002. Previously she was dated by Dino Morea.
After winning Ford Godrej Cinthol contest, she was sent to New York by Ford Company, where she had a successful modelling career at age 17.
She made her first debut film Ajnabee which gave her the Filmfare Best Female Debut Award. In year 2002, Bipasha starred in a telugu film Takkari Donga. Then she was starred in film Raaz which was a big hit of the year. She recived her first Best Actress nomination at the Filmfare. Then in year 2003 she came in film Jism which gave her a Filmfare Best Villain Award nomination.
In 2006, she performed an item number Beedi in film Omkara. Then in year 2008 she starred in film Race which was a success on box office. She was then seen in film Bachna Ae Haseeno.