Farkash-Hacohen was born in Petah Tikva to Michael Farkash and Shoshana Farkash (née Messenberg). She grew up in Ashdod and attended the Amana school in Kfar Saba. She performed her national service in the Sha'arei Tzedek Medical Center in Jerusalem. After completing her service, she studied for an LLB at the Hebrew University of Jerusalem. Following an internship in the district and supreme courts with Dalia Dorner, she worked at E.S. Shimron, I. Molho, Persky & Co as a lawyer. After five years at the firm, she left to join the Antitrust Authority, becoming head of the litigation team.
In 2003 Farkash-Hacohen became a legal advisor to the Electricity Authority. Between 2006 and 2007 she attended Harvard University, earning a master's degree in public administration, as part of the Wexner Foundation's Fellowship.[2] She was appointed temporary chair of the Electricity Authority in September 2011, and was given the job permanently the following March. She was dismissed by the government in 2015 after speaking out against the country's natural gas monopoly,[3] with the Movement for Quality Government submitting a petition against the move to the High Court. In 2017 she joined Goldfarb Seligman & Co. as head of the Department of Energy, Regulation and Infrastructure.