Cody was born and raised in Los Angeles, California. Her mother is a former model and actress. Her father is the chairman of Walt Disney Studios and was, formerly, the president of Warner Bros..

Following in her mother's footsteps, she began as a model appearing in the Ralph Lauren Polo Jeans Give Campaign. She had read her first screenplay when she was age 9 and knew she wanted to be involved in the business. She started out on television appearing in the high profile series Rescue Me (2004), The Office (2005) and White Collar (2009).

In 2012, she is appearing in Steven Soderbergh's male stripping film Striptiz Kulübü (2012).