Bhagnani was born in Kolkata, West Bengal in India to a Sindhi family. He studied in Welham Boys School and St.Teresa's High School. After schooling, he chose to acquire a degree in Commerce from H.R. College of Commerce and Economics, Mumbai. He has also done an acting course from Lee Strasberg Theatre and the Film Institute in New York.
Jackky's debut film was Kal Kissne Dekha, which came out in 2009. The movie received mostly negative reviews and was unsuccessful at the box office. Taran Adarsh, writing for Bollywood Hungama, noted that "the film lacks the fun that one normally associates with a campus fare. Even the climax leaves a lot to be desired."
In April 2011, he starred in F.A.L.T.U. The film received mixed reviews and did moderately well at the box office. In May 2015, Jackky revealed that a sequel to the movie has been planned.
In 2012, Ajab Gazabb Love was released, but was a non-starter at the box office.
Rangrezz, directed by Priyadarshan, was released in 2014. It garnered excellent reviews and featured Jackky Bhagnani dancing to Psy's "Gangnam Style". The rights to the song were bought by Jackky's father Vashu Bhagnani, also the producer of the film, for an undisclosed sum. Despite this, the film failed to leave a mark at the box office.
Jackky's next film was Youngistaan, a love story set against the backdrop of Indian politics. Released in 2014, the movie was panned by critics and was a commercial failure.
The movie later became the subject of much controversy when it was revealed that it was India's independent entry to the Oscars. Twitter was abuzz with jokes on Jackky Bhagnani, with users expressing surprise and dismay over the movie's selection.
Jackky's latest film is Welcome to Karachi, which released on 28 May 2015. The film failed to do well at the box office, and could not compete with Tanu Weds Manu Returns, which was released a week earlier. Welcome to Karachi also received poor reviews and failed to impress critics.
All six films that the actor has starred in have been produced by his father, Vashu Bhagnani - a fact which the actor recently admitted during an interview.