Jaiswal was born and brought up in Jabalpur, Madhya Pradesh. She went on to study at the Symbiosis Law School in Pune.

During her initial days at the Symbiosis University, she participated in various beauty pageants and has been a successful model ever since. On January 22, 2014 she received the Symbiosis Sanskritik Puraskar for her achievement in the field of art and culture.

Jaiswal made her acting debut in a South Indian bi-lingual film named Virattu/Dega Tamil and Telugu released in 2014 and then entered the Hindi film Titoo MBA. In 2015, she starred in the Telugu film Mirchi Lanti Kurradu and later in the period drama Kanche directed by Krish. Jaiswal had previously auditioned for a role in Krish's Gabbar Is Back. She did not land that role but Krish later offered her the lead role in Kanche. She portrayed Seetha Devi, the daughter of a wealthy landlord, who falls in love with Hari Babu (Varun Tej) who later goes on to fight in World War II. She received generally positive remarks for her performance, with most critics, in particular, complimenting her on her looks.^[8][9] 123telugu.com wrote, "She looks stunning and should thank Krish for her big break. Pragya has amazing screen presence and is a star to watch out for".^[10] The film went on to bag the 63rd National Award for the Best Feature Film in Telugu.^[11]

Her brand endorsements include Dove Shampoo, Reliance Digital, FBB (Fashion at Big Bazaar), Dabur Vatika Anti-dandruff shampoo, Millennium Hypermarket for Dubai and UAE, Ensure Health Drink and Malabar Gold Jewelry etc. She is currently the Brand Ambassador for South India Shopping mall.