Schwarz was born and grew up in the small town of Michelstadt, Germany. She won a contest of the German teen magazine Bravo in 1993. Subsequently, she worked as a model and VJ for the music channel VIVA. In 2000 she started her acting career and occasionally hosts events, e.g. the German Film Award 2004. Schwarz separated from actor Daniel Brühl after a 5-year relationship in 2006 and is currently living in Berlin.

She is known for her role in the film Perfume: The Story of a Murderer and her role as Tony Buddenbrook in the 2008 film version of Thomas Mann's novel Buddenbrooks.

In March 2008, it was announced that Jessica Schwarz will play the title role in a $7 million TV production Romy, depicting the life of Romy Schneider