Shahnaz Pahlavi was born in Tehran on 27 October 1940, a year before the accession of her father to the throne.

[5] Shahnaz Pahlavi was educated in a Belgian boarding school, the Lycée Léonie de Waha, in Liège and then in Switzerland.

[6] Her father had plans for Shahnaz's marriage with King Faisal of Iraq which did not materialise due to her unwillingness.

[6] The couple have one daughter, Princess (styled "Vala Gohari") Mahnaz Zahedi (born 2 December 1958).

During her father's reign, Shahnaz had investments in agricultural enterprises and assembly plants of Honda bicycles and motorcycles.