Iovine received her undergraduate degree (summa cum laude, Phi Beta Kappa) in journalism from the University of California, Berkeley. She earned a law degree from Hastings College of the Law and an LL.B. in International Law from Cambridge University.
She is a former member of the board of directors of the Special Olympics, as well as a former television producer and radio talk show host. She was Playboy magazine's Playmate of the Month for its September 1979 issue and was photographed by Arny Freytag. She appeared the following year as the central character on To Tell the Truth, with all four panelists correctly guessing her identity. In 1982, she was one of three finalists for the job of hostess and letter turner on Wheel of Fortune which eventually went to Vanna White.
She had an early marriage which ended in divorce; from 1987 to 2009 she was married to Jimmy Iovine, a record producer and a co-founder of Interscope Records. They have four children.
Iovine has published several titles pertaining to pregnancy and parenthood under the brand of Girlfriends' Guides, which is the basis for the TV show Girlfriends' Guide to Divorce as well as Best Friends' Guides.
The house is over 10k sq. ft. and was purchased in 2009 for roughly $10m.
In May 2014, she married David Coiro, who is an investment advisor.