Myers was born in San Francisco, the daughter of an Australian rabbi and Austrian Jewish mother. Her father became well-connected with California's emerging film industry, and introduced her to film pioneer D.W. Griffith, who gave Myers a small part in Intolerance. Myers would also get her brother, Zion, into Hollywood as a writer/director.

From this beginning, Myers left for New York, where she acted mainly on stage for the next two years. She was soon signed by Universal, however, where she soon emerged as a popular actress in vamp roles. Her most popular film from this period is probably All Night, opposite Rudolph Valentino. By 1924 she was working for MGM, making such films as Broadway After Dark, which also starred Adolphe Menjou, Norma Shearer and Anna Q. Nilsson. In 1925, she apperared in arguably her most famous role, that as the vamp Iras in Ben-Hur, who tries to seduce both Messala (Francis X. Bushman) and Ben-Hur himself (Ramón Novarro). This film was a big boost to Myers' career, who appeared in many more major roles throughout the 1920's, including Tell It To The Marines in 1926 with Lon Chaney, Sr., William Haines and Eleanor Boardman. Myers also appeared in 1929's Your Show Of Shows, a showcase of popular contemporary film actors.

Myers had a successful sound career, although she ended up mostly in supporting roles due to her age. Amongst her popular sound films are 1931's Svengali with John Barrymore, and a small role in 1944's The Conspirators, a sort-of Casablanca-remake which included Paul Henreid, Peter Lorre and Sydney Greenstreet. In the latter film, Myers played well underneath the female lead, Hedy Lamarr.

Myers surfaced in the entertainment world again briefly in 1951, with a short-lived television show called The Carmel Myers Show, which followed the interview format. After its cancellation, Myers focussed on a career in real estate and her own perfume distribution company.

Myers died in 1980 and, as per her request, her ashes were distributed amongst the gardens at Pickfair.