Bailey was born in Birmingham, Alabama and relocated with her family to Pensacola, Florida at age two. At age 12, Bailey joined a New York City modeling company in the summer. Bailey graduated from Gulf Breeze High School of Gulf Breeze, Florida in 2001 and attended Marymount Manhattan College in New York City.
Bailey is a former Junior Olympic gymnast.
In 1999, Bailey at age 17 made her on-screen debut on The Sopranos episode "Boca" as character Deena Hauser. While attending Marymount Manhattan, Bailey got her first television presenting job on the Nickelodeon children's show U-Pick Live in 2002 and would continue on the show until 2005. Bailey hosted an episode of Slime Time Live on Nickelodeon in 2003. In 2004, Bailey co-hosted a children-oriented Super Bowl XXXVIII pre-game show on Nickelodeon.
In her first role as a regular character in a fictional TV series, Bailey played Skylar Stevens on the CBS series Jericho from 2006 to 2008. In 2008, Bailey appeared in the music video of "Goodnight Goodnight" by Maroon 5. After Jericho was cancelled, Bailey worked as a cocktail waitress and babysitter between acting jobs. Bailey said that the work made her more appreciative of her acting opportunities.
Bailey returned to screen acting in a fifth season episode of Ghost Whisperer in 2010. On January 11, 2011, Bailey joined Kevin Pereira (who left the show on May 31, 2012) as the new co-host of Attack of the Show!and remained on the show until its final episode on January 23, 2013.
Bailey married television and radio personality Brian Corsetti on October 22, 2011.