Bhavana was born to Pushpa and assistant cinematographer, late G.Balachandran who died on 24 September 2015. She has one brother, Jayadev. She studied at Holy Family Girls' High School, Chembukkavu, Thrissur.
Bhavana made her acting debut in Malayalam film Nammal at the age of 16. The film was a big success and she got several offers in Malayalam. Bhavana was an 11th Standard student when she got her break in films. She has acted with almost all actors in Malayalam cinema. and has got many offers lined up in Tamil and did many projects with famous Tamil actors like Ajith Kumar,Madhavan, Jayam Ravi, Bharath, Jiiva and Srikanth. In 2010, she starred in her first Kannada film Jackie which was a blockbuster, the film was dubbed into Telugu and Malayalam. She appeared in the Malayalam films Ozhimuri and Trivandrum Lodge in 2012, and Honey Bee and Ezhamathe Varavu in 2013. Her upcoming films include Jayam Manadi, Adventures of Omanakuttan,
Swapnathekaal Sundaram, Manjina Hani.
She is the brand ambassador, along with actress Mamta Mohandas, for team Kerala Strikers in the Celebrity Cricket League (CCL), captained by Mohanlal, who is also one of the owners of the team, and vice-captain Indrajith. She has acted in many advertisements also.