Balkanska was born on 22 July 1902 in the Bulgarian town Ruse. She is the granddaughter of Nikola Balkanski, a cousin of Georgi Sava Rakovski. After her father passes away in 1907, her entire family moves to the capital - Sofia. From 1914 to 1917 she takes piano lessons with Heinrich Wiesner and singing with Penka Toromanova,a famous opera singer.
Mimi later specializes in singing in Berlin and Vienna. She marries twice. Her first husband is the trainer Ivan Tsatschev.
On 23 May 1975 she is awarded with the honorary award of Socialist labor and named a Hero of Socialist Labour. She receives other awards like "Red Flag of Labor" during 1959 and the "Kiril and Metodii" culture award.
Balkanska also receives other numerous Soviet and National awards like "best artist" in 1949, "national artist" in 1950 and "Dimitrovska nagrada" in 1950.[2]