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Amulya was born on 14 September 1993 as Maulya in Bangalore, Karnataka. Her father worked as a businessman till he died in 2009. Her mother, Jayalaksmi, is a housewife who Amulya resides with, in Bangalore. She has an older brother, Deepak Aras, who directed her 2011 film Manasology. Her first appearance on-screen came as a 6-year old in a Kannada television soap opera, Supta Manasina Sapta Swaragalu. She describes her childhood as a "busy" one, having involved herself in sports and music alongside academics. While in school, she trained as Bharatanatyam dancer and has obtained a green belt in Karate. She completed her pre-university course in commerce from Mount Carmel College, Bangalore. In 2014, she obtained a Bachelor of Commerce (B. Com) degree, from the same college.

Amulya made her debut in films as a child artist in the 2001 Kannada film Parva that had Vishnuvardhan playing the lead role. Her debut as a lead actress came in the 2007 film Cheluvina Chittara opposite Ganesh which was successful at the box-office. She then appeared in Chaitrada Chandrama, Premism, Naanu Nanna Kanasu and Manasology which did moderate business or failed at the box-office. But, Amulya's performances received critical acclaim.After a two-year hiatus, she appeared in the 2013 hit film Shravani Subramanya opposite Ganesh with her performance receiving appreciation from critics. In the same year, she was given the title 'Golden Queen' by her co-star of Shravani Subramanya, Ganesh.^[12] Her performance in the film won her, her first Filmfare Award, the award for Best Actress.^[13] In her only release of 2014, Amulya played Meera in Gajakesari, as the love interest of the character played by Yash.

Amulya's first film in 2015, Khushi Khushiyagi, saw her being paired opposite Ganesh for the third time. Critics praised her performance as Nandini; G. S. Kumar of The Times of India wrote, "Shades of 'Shravani Subramanya' are visible in Amulya's role, who essays a stellar role..."^[14] In Male, she was cast in tomboyish role as Varsha, and was paired opposite Prem Kumar.^[15] In her second release of the year, a romance-drama, Ram-Leela, she played Chandrakala, the sister of a don, and the love interest of Chiranjeevi Sarja. The film received mixed response from critics.^[16] In her first release of 2016, Maduveya Mamatheya Kareyole, she portrayed "a meaty character that allows to ride a Bullet". As Kushi, she was paired opposite Suraj (played by Suraj Gowda), in the family drama-romance film, who she ends up marrying confronting certain familial issues and upon the wishes of their respective parents. The Times of India called her performance a "versatile" one.^[17]

In February 2016, The New Indian Express reported that Amulya was approached by the makers of Mass Leader to play the role of Shiva Rajkumar's sister. It is to be directed by Sahana Murthy.^[18] She also confirmed signing Nagashekar's Maasti Gudi that would see her playing the female lead opposite Duniya Vijay.^[19]