LisaRaye was born in Chicago, Illinois, and is the half sister of rap singer Da Braton her father's side of the family. She is the daughter of a successful business man, and her mother was a professional model. She currently has one daughter from her first marriage named Kai. On April 8, 2006, she married Michael Misick, the premier of the Turks and Caicos Islands. In 2000, she was voted by the readers of Black Men magazine as one of "The 10 Sexiest Women of the Year." In the following year of 2001, she was voted by the readers of Black Men magazine as the year's sexiest woman.

LisaRaye starred as "Neesee James" in the CW comedy All of Us which ran from 2003-07. She played Robert Sr.'s (Duane Martin) self-absorbed ex-wife and the mother of their 6-year-old son, Bobby Jr. She is also featured in the music video for Ludacris' hit single, "Number 1 Spot." LisaRaye originally moved to Los Angeles, California to pursue an acting career and quickly won a guest-starring role in the television sitcom Martin starring Martin Lawrence. She also had a recurring role in the sitcom In the House and appeared in a number of music videos, including Tupac Shakur's last video, "Toss It Up" and Sisqó's "Incomplete." She co-hosted Live in L.A. and The Source: All Access. She was among the actors on the reality series The It Factor.

LisaRaye had roles in the features Beauty Shop, with Queen Latifah, Civil Brand and Gang of Roses, which also starred Lil' Kim, Stacey Dash and Monica Calhoun. She made her debut as the lead in Reasons, directed by Monty Ross. She also had the lead role in the film The Players Club, directed and written by Ice Cube; and has film credits in The Wood, opposite Omar Epps as well as Love the Way, Rhapsody, All About You, and Go for Broke.

Before acting, McCoy began her career as a model doing fashion shows in churches and high schools in her native Chicago, Illinois. She launched two fashion lines in 2005, Luxe & Romance, a lingerie line that was introduced during New York's Fashion Week, and Xraye, her new jeans line for women.

In addition to her acting career she is a businesswoman having come from a family in the hospitality and banking industries in Chicago. Soon she will be breaking ground on a group home for teenagers in her home town of Chicago called "Raye of Sunshine."