Rashād was born in New York on December 11, 1986 to Actress Phylicia Rashad and Sportscaster Ahmad Rashād, a former professional football player. She graduated from the California Institute of the Arts in 2008.
In 2009, Rashad received the Theatre World Award for Best Debut Performance in the Off-Broadway production Ruined and was nominated for a Drama Desk Award. In 2012, Rashād was nominated for Tony Award for Best Featured Actress in a Play for her performance in Stick Fly.
Rashād starred as Shelby, the daughter of Queen Latifah's character, in the 2012 Steel Magnolias remake with the same title. (This role had been played by Julia Roberts in the original film.) In 2012, she appeared in a recurring role on the NBC series Smash, and previously guest starred on The Good Wife, Law & Order: Criminal Intent and Submissions Only. Her film credits include Sex and the City 2 and 30 Beats.
In April 2013, she appeared on Broadway as Thelma in the revival of The Trip to Bountiful starring Cicely Tyson; for this performance, she received her second Featured Actress Tony nomination. In May 2013, she was cast as Juliet in the new Broadway production of Shakespeare's Romeo and Juliet.
In 2016, Rashād began starring in the Showtime drama series Billions, and appeared in the film Money Monster directed by Jodie Foster.
In 2018, she starred in the Netflix-produced biographical film Come Sunday, opposite Chiwetel Ejiofor, who played a Pentecostal minister whose thoughts have changed.
