Urvashi was born to actor Chavara V. P. Nair and Vijayalakshmi. Her elder sisters are actresses Kalaranjini and Kalpana. Her two brothers, Kamal Roy and Late Prince had also acted in few Malayalam movies. She had her primary education from Fort Girl's Mission High School, Thiruvananthapuram till fourth grade and later at Corporation Higher Secondary School, Kodambakkam till ninth grade when the family shifted to Chennai. She couldn't continue her studies since she became busy with her movie career by then. She started her acting career as a child artist, at the age of 10, in a Malayalam movie, Kathirmandapam released in 1979, as Jayabharathi's daughter. She acted in the movie, Digvijayam released in 1980. She has also acted as a child artist in Ninaivukal Maraivathillai, a Tamil movie, in 1983 but it got never released. Then she acted as a heroine, at the age of 13, to Karthik in the movie Thodarum Uravu which completed shooting in 1983 but released in 1986. Her first film in Tamil released was Munthanai Mudichchu directed by K. Bhagyaraj in 1983 making her debut movie. In 1984, Malayalam movie, Ethirppukal was one of her earlier films. During the peak of her career, she starred in M. P. Sukumaran Nair's award-winning film Kazhakam in 1995, without taking a single penny as remuneration. She was awarded Best Actress for this role. She acted in around 400 films in Malayalam, Tamil, Telugu, Kannada and Hindi. During her decades long career she worked alongside south Indian stars like Dr.Rajkumar, Dr.Ambarish, Dr.Vishnuvardhan, Ravichandran, Ramesh Aravind, Kamal Haasan, Mohanlal, Mammootty, Suresh Gopi, Jagathy Sreekumar, Napoleon, Jayaram, Kunchacko Boban, Mukesh etc. She fell in love with popular actor Manoj K. Jayan and both married in 2000. Later, they got separated by a court order. Then she married Shivaprasad in 2013. Her upcoming movies are Pencil, Unnodu Ka, Buddhu, Mapillai Vinayagar, Vaaimai and Limit.