Talpade was born in Mumbai, Maharashtra on 27 January 1976. He attended Shree Ram Welfare Society High School in Andheri-West. And the he attended Mithibai College in Vile Parle. He is married to Deepti Talpade, a Psychiatrist. Shreyas met his wife Deepti when he went to her college as a Celebrity (he was doing the serial Aabhal Maya then). She was the general secretary. His aunts Jayshree T. and Meena T. are former Bollywood actresses.
Talpade began his acting career appearing in Marathi soap operas and doing stage shows across Maharashtra. He also appeared in the Zee TV soap opera Woh (1997) in which he was the main lead. He has also acted in mini-serials for the production "Adhikari Brothers". His role, in a very popular Marathi serial Damini, as the character Tejas was very popular among Marathi audiences. Fame arrived after he made his Bollywood debut in Nagesh Kukunoor's Iqbal which was written by Vipul K Rawal in which he played the role of a deaf & mute youngster aspiring to be a cricketer. The film and his performance were well received by both audiences and critics. His next film was Kukunoor's Dor in which he played the comic role of a behroopiya, a man with many disguises. This film was also well received by critics.
In 2006, he starred in the comedy, Apna Sapna Money Money and in 2007, he starred in Farah Khan's blockbuster movie, Om Shanti Om, with Shah Rukh Khan, where he played the role of Pappu Master. In 2008, he was seen in Kukunoor's cross-cultural comedy film, Bombay To Bangkok. He also produced a Marathi film, Sanai Chaughade, which was released the same year. His most recent movies are Shyam Benegal's Welcome to Sajjanpur, along with Golmaal Returns and Sangeeth Sivan's horror flick, Click. Shreyas was also seen in the horror film, Help. Shreyas next appeared in the movie Will You Marry Me? which released in 2012.
Shreyas has produced a Marathi film, titled Poshter Boyz, under his home production banner, Affluence Movies. The movie which released on 1 August 2014 was launched by Bollywood veteran Subhash Ghai. The film is directed by Sameer Patil and the music for it is composed by Lesle Lewis.
The Marathi film Poshter Boyz was remade in Hindi as Poster Boys and Shreyas made his directorial debut with this film which released on 8 September 2017. The film stars Shreyas himself along with Sunny Deol and Bobby Deol.
