Rose Friedman attended Reed College and then transferred to the University of Chicago, where she received a Bachelor of Philosophy degree.

After this she began to study for a doctorate in economics at the University of Chicago and completed all work necessary for the PhD except for writing the dissertation.

With Milton, she co-wrote two books on economics and public policy, Free to Choose and Tyranny of the Status Quo, and their memoirs Two Lucky People, which appeared in 1998.

Together they founded EdChoice (formerly the Milton and Rose D. Friedman Foundation), with the aim of promoting the use of school vouchers and freedom of choice in education.

She also co-produced the PBS television series, Free to Choose, and assisted her husband in writing his 1962 political philosophy book Capitalism and Freedom.