Mugdha was born in 1986 in a small middle-class family in Pune, She did her schooling from Marathi medium school named Nutan Marathi Vidaylay, Sadashiv Peth, Maharashtra. She has one sister named Madhura. During her early days, Godse sold oil and only earned Rs.100 a day. She then started working out in the gym and participated in local beauty contests. In 2002, she participated and won the Gladrags Mega Model Hunt. In 2004, Godse took part in the biggest modeling contest in India, the Femina Miss India contest. She reached the semi-finals and won the Miss Perfect Ten title. She then moved to Mumbai and started modeling.

She has to her credit the Airtel commercial where she shared screen space with Shah Rukh Khan and the Close-Up commercial among the many she has done so far. She has spent over five years in the modelling field, doing press ads, music videos, commercials and walking the runway at national and international ramps. She appeared in the Hindi film Fashion. It was directed by Madhur Bhandarkar and has Priyanka Chopra, Kangana Ranaut and Arbaaz Khan alongside her. She received loads of praise for her performance — in her debut she has made a sensational mark.

She has also appeared in a commercial for Hollandia Yoghurt. She has been recently honored with Global Cinema Award of 8th Global Film Festival Noida by Sandeep Marwah of Asian Academy of Film & Television.

Godse made her Bollywood debut with the film Fashion (2008), alongside Priyanka Chopra and Kangana Ranaut. She was nominated for the Filmfare Award for Best Female Debut and won the Apsara Award for Best Female Debutante.

In 2009, Godse appeared in two films, All The Best, and Jail. Her film, Help opposite Bobby Deol was released on 13 August 2010. The film Gali Gali Chor Hai was released in February 2012 and Will You Marry Me? was released in March 2012. Mugdha Godse and Rahul Dev in Power Couple reality show.^[7]

• Participated and won the Gladrags Mega Model Contest in 2002. She also won the Miss Body Beautiful 2002 title in the same event.
• Participated in the Ponds Femina Miss India 2004 contest. Won the Miss Perfect 10 Title.
• Participated in Best Model of the World 2002. Won award for the Best National Costume as Miss India.

• Koka Tera Koka (Jassi — T-series)
• Mauja Len De (Daler Mehndi — T-series)
• Two Punjabi videos^[which?] (T-series)
• Main Tujhse Milne Aayi Mandir Jaane Ke Bahane (Musicurry - Times Music)
• Le Kar Hum Deewana Dil (Times Music)
• Chhup Chhup Khade Ho (Jagdish Mali — Times Music)
• Jab Chaye Mera Jadoo (with Irfan Pathan — Sony Music)