She is the daughter of professor Nils-Erik Fagerholm and library assistant Kristina Herrgård. Fagerholm has studied psychology and literature at the University of Helsinki. In 1987, she received her bachelor's degree in social science.
Fagerholm made her debut in 1987 with Sham but her real breakthrough in the literary scene was in 1994 with Underbara kvinnor vid vatten. The book was nominated for the Finlandia Prize, which is the biggest literary prize in Finland. It was also nominated for the August prize in 1995, in Sweden and also the International IMPAC Dublin Literary Award in 1998.
In 1994, she received the Runeberg Award in Finland. The movie adaptation of the novel by Claes Olsson premiered in 1998. Fagerholm received the August prize in 2005 for Den amerikanska flickan.
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