Carrasco initially enrolled to study philosophy, earned a degree in French in Algeria, and completed a degree in theater and a Bachelor of Arts with a specialization in literature at the University of Chile. She later switched to Theater at the University of Chile.
Her interest in this field arose when she participated in an acting workshop run by the municipality of Ñuñoa, where the singer Víctor Jara was her teacher. In December 1973, at the age of 26, she left Chile, being exiled by the military dictatorship. She arrived in Colombia, where she worked in popular theater in Bogotá. However, she had to move to Algeria.
After returning to Chile, Mónica starred in her first telenovela, "Casagrande," on Canal 13, and later moved to TVN to appear in the productions "La gran mentira" and "El juego de la vida." However, her breakthrough role didn't come until May 1989 when she began playing Silvia Maturana in the popular TVN series "Los Venegas." This production ended in June 2011 after airing more than three thousand episodes. During this television project, the actress worked with Jorge Gajardo, who played her husband in the show. Both artists were also a couple off-screen, as they began a relationship in 1982, but did not marry until 2015. The couple has two children.
Carrascoalso served as Head of department and a professor at the Los Leones Professional Institute.
In 2024, she starred in the film "Analogues" directed by Jorge Olguín.[2]