Born and raised in Burgas, Bakalova began her career in Bulgarian cinema while attending the National Academy for Theatre and Film Arts.

She rose to prominence after starring in the 2020 mockumentary film Borat Subsequent Moviefilm, which earned her a nomination for the Academy Award for Best Supporting Actress.

[6][7] Bakalova enrolled in acting classes at the age of 12, majoring in drama theater and minoring in flute at the National School of Music and Stage Arts in Burgas, where she was a straight A student; she recalled, "I was a super-disciplined child.

"[8][7] As a teenager, Bakalova developed an interest in literature, especially the works of Gabriel García Márquez, Jorge Luis Borges and Mikhail Bulgakov, as a method of escapism.

[11] As a student, she appeared in various stage productions, including Les Liaisons dangereuses, Sexual Perversity in Chicago, Kennedy's Children and The Trial.

[19][20] Driven by her fascination with Danish cinema—particularly with the work of Vinterberg, Lars von Trier and their Dogme 95 movement—Bakalova used part of her university scholarship to take her parents on a trip to Denmark a few months before graduating.

[28][29] The film was lauded as "the most impactful piece of political entertainment" in the weeks leading up to the 2020 United States presidential election,[30] as a scene in which Rudy Giuliani appears to put his hands down his trousers while reclining on a bed in the presence of Bakalova's character garnered significant media attention.

[33] Matt Fowler of IGN noted that "the film's fantastic find, Maria Bakalova, every bit Sacha Baron Cohen's on-screen equal, is who, and what, most people will be talking about.

"[34] Los Angeles Times film critic Justin Chang described her performance as "terrific," praising her portrayal of her character's journey "with madcap energy and touching conviction.

[22][41] Bakalova next starred as Sonja, a 19-year-old girl who discovers she is HIV positive and is in denial about her need for treatment, in Women Do Cry (2021), directed by Mina Mileva and Vesela Kazakova.

[48][49] Her next role was in Judd Apatow's The Bubble (2022), part of an ensemble cast that included Karen Gillan, David Duchovny, Leslie Mann and Pedro Pascal.

[58] After making a cameo appearance in Jerry Seinfeld's directorial debut Unfrosted (2024),[59] Bakalova starred as Ivana Trump in The Apprentice (2024), directed by Ali Abbasi, which premiered at the 2024 Cannes Film Festival and competed for the Palme d'Or.

[22][76] She is the co-founder of the production company Five Oceans, which aims to bring Bulgarian, Balkan and Slavic stories to international audiences, alongside Julian Kostov.

[62] At the 27th Critics' Choice Awards, Bakalova voiced her support for Ukraine, and called for "a new era of cultural and artistic exchange between Eastern Europe and Hollywood".