[1] Ferrari was born Isabella Fogliazza in Ponte dell'Olio, Province of Piacenza, Emilia-Romagna.

At the age of 15 she was elected Miss Teenager in a contest held in a discoteque.

She made her acting debut at the age of 17[2] as Selvaggia in the Carlo Vanzini comedy Sapore di mare in 1982; she also performed in the film's sequel Sapore di mare 2- un anno dopo.

At the 1995 Venice Film Festival, Ferrari won a Volpi Cup for Best Supporting Actress in the Ettore Scola film Romanzo di un giovane povero in which she played the part of Andreina.

In 2021, she was selected as jury member for International competition section of 74th Locarno Film Festival held from 4 to 14 August.