March was born Jane March Horwood in Edgware, London. Her father, Bernard Horwood, is a secondary school teacher of English and Spanish ancestry. Her mother, Jean, is Vietnamese and Chinese. March has one brother.
At age 14, March won a local "Become a Model" contest. She signed with Storm Model Management and began working as a print model using her middle name March. After being spotted on the cover of Just Seventeen by French director Jean-Jacques Annaud, she was chosen to play the female lead in his film The Lover. Two years later, she co-starred with Bruce Willis in the erotic thriller Color of Night.
While Color of Night was in production, March began dating the film's co-producer Carmine Zozzora. The couple married in June 1993. They separated in 1997 and finally divorced in 2001.