Ivana was born in Barcelona, Spain. She graduated High School at The American School of Barcelona.

She got her big break in 2006 when Guillermo Del Toro cast her as the lead in his critically acclaimed fantasy thriller "Pan's Labyrinth." The role of Ofelia was originally intended for an eight-year-old girl, but the script was altered to accommodate Ivana (who was eleven at the time) due to her outstanding audition.

Ivana was awarded the 2007 Goya Award for Best New Actress for her performance in "Pan's Labyrinth." In addition to her Goya Award, she received various awards including the Award for Best Newcomer by the Union of Spanish Actors, the Saturn Award for Best Performance by a Young Actor and the Imagen Award for Best Actress.

Before receiving great acclaim in "Pan's Labyrinth," Ivana had already appeared in a number of films. The most notable of these films were "Fragile" with Calista Flockhart and "Romasanta" alongside Julian Sands, both of which were supporting roles when she was only 9 and 10 years old.

Ivana played her first American role in the feature film "The New Daughter," where she starred opposite Kevin Costner. In 2015, she shot in New Zealand MTV's television series "The Shannara Chronicles" - a story based on Terry Brook's bestselling novel "The Elfstones of Shannara."

While she is fully dedicated to her acting carrier, she is also undertaking Law studies.