Bred in Kentucky, Life's Magic was sired by Cox's Ridge, a Grade I winner and descendant of the great Nearco.
She was out of the mare Fire Water, a daughter of 1965 Preakness Stakes winner and American Champion Three-Year-Old Colt Tom Rolfe.
She ran second to Princess Rooney in the 1984 Breeders' Cup Distaff and was voted the 1984 American Champion Three-Year-Old Filly.
Sent back to the track at age four, Life's Magic had her second Championship season, notably capturing the Shuvee Handicap before winning the most important race of her career under jockey Ángel Cordero Jr.: the 1985 Breeders' Cup Distaff, where she defeated the great Lady's Secret.
Retired to broodmare duty, a fertile Life's Magic produced fourteen offspring, none of which came close to achieving her success.