Refaeli co-starred in the Israeli TV drama series Pick Up in 2005. In October 2008, she co-hosted the Bravo special program Tommy Hilfiger Presents Ironic Iconic America, based on the book Ironic Iconic America written by George Lois. She returned as a program host in 2009, this time for MTV’s brief revival of House of Style.

In November 2005, Refaeli began a relationship with Leonardo DiCaprio after meeting him at a party in Las Vegas for members of U2. In the course of their trip to Israel in March 2007, the couple met Israeli president Shimon Peres and visited her hometown of Hod HaSharon. The relationship ended in June 2009. In 2010, numerous reports indicated that their romance had been rekindled, but in May 2011, it was reported that they had ended their romantic relationship and would remain friends. Refaeli reportedly dated the Israeli actor-musician Ran Danker. Danker’s and Refaeli’s mothers are close friends.

Refaeli became the second Israeli model to appear in Sports Illustrated magazine (after Michaela Bercu), in her 2007 debut in its Swimsuit Issue, where she posed with the rock band Aerosmith. Refaeli was the cover model for the 2009 Sports Illustrated Swimsuit Issue. Southwest Airlines painted a bikini-clad Refaeli from that shoot on the side of its Boeing 737, which led some passengers to criticize the airline for what they regarded as prurient, and hence “offensive to families.”

In 2007, the YnetNews reported that Refaeli had evaded the draft by marrying family acquaintance Arik Weinstein in 2003, and divorcing him soon afterwards. Military service in the Israel Defense Forces (IDF) is mandatory in Israel for unmarried secular Jewish women over the age of 18.

Refaeli has modeled for Subaru, Accessorize, Brazilian clothing line Besni, Italian jewelry line Marco Bicego, and Rampage. In 2009, she modeled for Garnier International.

On 5 March 2009, Refaeli received the World Style Award presented by the Women’s World Awards for her “natural elegance, sense of style and compassion.” In October of the same year, Refaeli co-hosted Fashionable Istanbul’s press conference, announced its October 2009 fashion event, and appeared in its advèrtisements. FHM voted Refaeli No. 42 in 2008, No. 57 in 2010, and No. 97 in 2011, in its lists of the “100 Sexiest Women.”

In 2009, she was also a guest judge at Project Runway Israel.

Refaeli participated in a campaign to help reduce the use of plastic bags in Israel. In 2009, she led an unpaid campaign on behalf of the Israel Water Authority, to educate the public about water use and conservation.

In 2009, while speaking in support of enlisting, fellow Israeli model Esti Ginzburg criticized her for evading military service. Two years later, Refaeli was featured on the cover of Italian GQ’s war-themed May 2011 issue. Refaeli’s avoidance of military service was again raised in 2013, this time by IDF Brigadier General Yoav Mordechai, who criticized the Ministry of Foreign Affairs for casting her in a 2013 advertisement. Mordechai maintained that the use of Refaeli as an “official representative of Israel” sent a “negative message” to Israeli society.

In 2011, Refaeli starred in the American-Israeli film Session, directed by Haim Bouzaglo. The film is a psychological thriller that tells the story of a manipulative psychiatrist who becomes obsessed with a new young patient. She also served as a guest judge on cycle four of Germany’s Next Topmodel hosted by Heidi Klum. In November 2012 she started her own model casting show Million Dollar Shootingstar on German TV Channel Sat.1.

In 2011, Refaeli and Dudi Balsar, an attorney and former male model, set up an E-commerce company called Under.me, to sell designer underwear. As well as being its investor, Refaeli runs business development for the venture. By November 2011, the company had raised $1 million in venture capital funds.

Maxim placed Refaeli at the very top of its Hot 100 list in 2012. In April 2012, Shalom Life ranked her fourth on its list of the “50 most talented, intelligent, funny, and gorgeous Jewish women in the world.” Refaeli has been referred to as a supermodel by Maxim Magazine, The Hollywood Reporter, the Daily Mail, The Algemeiner, The Jerusalem Post, The Independent, and others.

In late 2012, she played Cinderella in a Cinderella musical staged in Israel.

According to Forbes Israel, in 2013 she was the highest paid model in Israel, ahead of the combined modelling income of such other Israeli models as Esti Ginzburg, Gal Gadot, and Shlomit Malka.

In 2013 she also received Vienna Fashion Awards in the category of “Style Icon”.

In January 2013, Refaeli appeared in Go Daddy’s Super Bowl XLVII commercial. In 2013, Refaeli also hosted the first season of The X Factor Israel, which became the most popular music show in Israel, leading to them bringing her back in 2015 for season two. In 2018 Refaeli appeared in a music video of X Factor judge, Ivri Lider. In 2013, Refaeli played a starring role in the French-Israeli crime-caper film Kidon, a comedy in which she stars as a Mossad assassin involved in liquidating a terrorist.

In 2013, her startup ‘Mika Look’, which is an iPad app that allows users to purchase the items that models are wearing, raised $1.2 million in its first financing round.

On 7 June 2013, Refaeli hosted a beach party in Tel Aviv for participants of Tel Aviv Pride, the city’s gay pride parade. In November 2013, she spoke out in support of legislation for civil marriages in Israel, as part of a campaign for the proposed Knesset bill.

In 2014, during Operation Protective Edge, Refaeli frequently expressed solidarity and appreciation of Israeli citizens serving in the Israeli Army with postings on her social network accounts, and by posting selfies of her together with smiling Israeli soldiers.

In late 2015, Refaeli was accused of concealing millions of shekels of annual income, despite an estimated net worth of US $20 million in 2015. It was revealed she had recently bought a NIS 15 million apartment in Tel Aviv, as well as a NIS 2.5 million apartment for her younger brother. On 16 December 2015, Israeli tax authorities in Tel Aviv detained her and her mother overnight for questioning related to potential tax evasion; she was accused of failing to pay income tax on two vehicles that she received as compensation for posing in pictures with the vehicles, and for evading taxes by disguising her Israeli residency by renting a luxury apartment in Tel Aviv through relatives.

She married Israeli businessman Adi Ezra on 24 September 2015 in Israel. They have two daughters, Liv (born August 2016) and Elle (born October 2017), and a son, David (born January 2020).

On the sale of a 5% stake to fashion brand Castro in 2016, Refaeli made a NIS 2-4 million profit.

In 2016, Refaeli lodged a police complaint for identity theft with the Israel Police after a news item in Calcalist linked her to suspicious money transfers involving Amir Bramly, based on leaked banking correspondence. Bramly sued the Calcalist reporter in relation to the media coverage.

Refaeli hosted the closing ceremony for the 2017 Maccabiah Games in Latrun on 18 July 2017.

Refaeli has an ownership stake in a number of fashion companies, such as in the designer glasses manufacturer Carolina Lemke. In September 2018 it was announced that Kim Kardashian would be the face of the brand alongside Refaeli, with the two appearing in a promotional campaign together.

On January 3 2019, it was announced that Refaeli was suspected of tax evasion and was facing a possible indictment along with her parents. On April 22 2019, her appeal was rejected and she was ordered to pay taxes on concealed income of $4.5 million which, according to a report in Haaretz, could amount to “tens of millions of shekels”.

In June 2020, as a result of a plea deal on tax evasion charges, Refaeli was sentenced to 9 months community service, ordered to pay a fine of $720,000, as well as repaying back taxes of $2.3 million. Her mother was jailed for 16 months and also fined.