Stone was born in Scottsdale, Arizona, to Krista Jean, a homemaker, and Jeffrey Charles Stone, the founder and CEO of a general-contracting company.

Stone's family lived on the 16th hole of the Camelback Golf Club, and on the grounds of the Camelback Inn resort from the age of twelve to fifteen.

Stone attended Sequoya Elementary School and then Cocopah Middle School for the sixth grade.

Stone made her feature film debut in the comedy Superbad (2007).

In 2010, Stone starred in the comedy Easy A, for which she received a nomination for the Golden Globe Award for Best Actress – Musical or Comedy.

For her performance in Birdman, she was nominated for the Critics' Choice, SAG, Golden Globe, BAFTA, Indie Spirit, and Academy Award for Best Supporting Actress.

In November 2014, she made her Broadway debut as a replacement in the role of Sally Bowles in the musical Cabaret, which she performed until February 2015.

Her other films include the romantic comedy-drama Crazy, Stupid, Love (2011), the drama The Help (2011), The Amazing Spider-Man film series (2012–14) as Gwen Stacy and the animated comedy The Croods (2013).

Stone began dating her The Amazing Spider-Man co-star Andrew Garfield in 2011.

Stone's mother was diagnosed with breast cancer and was cured in 2008.

Stone moved from Los Angeles to Greenwich Village, New York City in 2009. As of 2015, she has moved back to Los Angeles.