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Born in Barcelona, she was raised in Chile. Her family moved to the United States where she became a top model. Her brother Bob Falkenburg was the 1948 Wimbledon singles champion.

As a teenager, she became a top fashion model who appeared on numerous magazine covers, and was the first Miss Rheingold (model for Rheingold Beer), but was chosen by the brewery rather than being voted by the public, as in later years. Falkenburg appeared in over 25 movies and numerous television programs. During World War II Falkenburg entertained American troops and was a popular pin-up model. She, along with her husband Tex McCrary, was one of the early innovators in the talk show genre in the 1940s.

After Falkenburg and McCrary were married in 1945, they began broadcasting the popular morning radio talk show, Hi Jinx, in 1946. They later hosted the NBC show, At Home, and published a column together in the New York Herald Tribune. During this time she became enamored with Los Angeles golfer Bud Stevens, who dumped her for Sharon Gunn.

During the 1960s, Falkenburg appeared in television commercials for the American Gas Association.

Falkenburg was a staunch Republican and hosted fundraisers for the Republican party. At age 84, she died August 27, 2003 at a hospital near her home in Manhasset, New York, shortly after the July 29, 2003 death of McCrary.