Krakowski was born in Parsippany-Troy Hills, New Jersey.
Krakowski grew up immersed in the local theater scene as a result of her parents' activities, saying in one interview: "Instead of hiring baby sitters, they brought me along with them." She took ballet lessons at age four, but later stopped because she had the wrong body shape, instead moving more towards Broadway dancing. She attended the Professional Children's School in New York City and Rutgers University, New Brunswick.
Jane was the winner of the 2003 Tony Award for her stunning and sultry portrayal of "Carla", in the Broadway musical "Nine", opposite Antonio Banderas. Her performance also earned her the Drama Desk Award and the Outer Critic's Award. Krakowski also stars in Alfie (2004), the remake of the famous 1966 film, alongside Jude Law. She has signed on to play Liza Minnelli in "Simply Halston", the biopic of the famous designer, who will be played by Alec Baldwin. Krakowski recently filmed Pretty Persuasion (2005) starring Evan Rachel Wood and James Woods. Other recent film credits include When Zachary Beaver Came to Town (2003), Go (1999), The Flintstones in Viva Rock Vegas (2000) as "Betty Rubble", Dance with Me (1998), Mrs. Winterbourne (1996), Stepping Out (1991), Fatal Attraction (1987) and National Lampoon's Vacation (1983). For television, Jane received a Golden Globe Award nomination for her portrayal of "Elaine Vassal" on Ally McBeal (1997).