Farhana Mili was born and raised in Dhaka, Bangladesh. She is the daughter of Aftab Uzzaman and Rana Anjuman. She studied at Banglabazar Govt. High School. Farhana completed HSC from Metropolitan College and graduation from Jahangirnagar University.

Her early media appearances were on well-known television advertisements, through which she rapidly gained popularity. Mili's acting career started on the TV drama Jhut Jhamela. Other dramas she acted in include Mondo Bishwas, Bou Shasuri Therapy, Binisuto, Chilkotar Shapno, and Nokshikathar Math.

Mili kicked off her debut on the silver screen as lead actress in the highly rated film Monpura directed by Giasuddin Selim in 2009, which made her a popular name in the Dhallywood industry.