Rakhi was born to Jaya Bheda as Neeru Bheda. Her mother married Sawant who was a police constable in the Worli Police Station and Rakhi therefore got the surname Sawant. Rakhi did her schooling from Goklibai High School, which was in Mumbai’s Vile Parle suburb and then studied arts in Mithibai College. While still in school, Suneel Darshan the Bollywood director cast her in an item number opposite actor Govinda in the movie Joru Ka Ghulam. She happens to be movie director Rakesh Sawant’s and past actress Usha Sawant’s sister.
Her debut and breakthrough came in the year of 2003 when she auditioned for an item number in the motion picture Chura Liyaa Hai Tumne. It is believed that she did audition about four times prior to being chosen for the song, Mohabbat Hai Mirchi, which was a composition of Himesh Reshammiya. From that time she has made appearance in a number of Hindi movies and a small number of Marathi, Kannada, Telugu and Tamil movies in small roles.
It was the month of June in the year 2006 when Mika Singh, who was a well-known Punjabi performer, kissed her forcibly in his birthday get-together and that incident transformed into a key media debate. Some months afterward, following this incident, she made her appearance in Bigg Boss, a reality show and happened to be among the top 4 finalists.
In the year of 2007, Rakhi made her debut as a singer for the album which was given the title of Super Girl and which was a launch of Venus Records and Tapes Private limited. The video of this album Yarra Na Dil Laga did feature Rakhi in the form of a computer created super young woman.
In the year of 2008, she won the dance based reality show Yeh Hai Jalwa which was aired on 9X. She was the head of the group Chiller Party which was composed of children. Chiller Party walked away with the reward of Rs. 25 Lakhs in the final.
In the year of 2009, Sawant launched her reality show called Rakhi Ka Swayamwar where she selected her husband by way of a swayamvara. This show was soon to become the highest rated in the record of Imagine television channel and its premiere as well as finale set many records.
On the 2nd of August of 2009 she married Elesh Parujanwala. However the couple soon separated citing differences. In October she launched another reality show called Rakhi Ka Insaaf, in which she did play the adjudicator and in which Rakhi makes an effort to resolve the troubles of people. Following the suicide of someone who tool part in this show, it was taken off air.