Rajshree was born as Rajshree Shantaram on 8 October 1944 in Bombay, British India, now Mumbai, Maharashtra. She belonged to the renowned Shantaram film family. Her father was legendary filmmaker V. Shantaram, while her mother was actress Jayshree.
Coming from a filmmaking family, Rajshree was exposed to cinema and performing arts from an early age. She developed an interest in dance and acting and eventually entered Hindi films.
She made her acting debut as a leading actress in Geet Gaaya Pattharon Ne (1964), directed by her father V. Shantaram. The film introduced her to Hindi-film audiences and established her as a promising young performer.
Rajshree subsequently appeared in several popular films of the 1960s. Her notable films include Janwar (1965) opposite Shammi Kapoor, Around the World (1967) opposite Raj Kapoor, Jab Yaad Kisi Ki Aati Hai (1967), Talaash (1969) and Neel Kamal (1968).
Her pairing with Shammi Kapoor in Janwar was particularly popular. She also worked with major stars such as Raj Kapoor, Jeetendra, Shashi Kapoor and others.
Rajshree's career in Hindi cinema was relatively brief. After appearing in a number of films during the 1960s, she gradually moved away from the Indian film industry and later settled in the United States.
She married Gautam and subsequently lived a largely private life away from the Indian entertainment industry.