Craig gained early acting experience at the Community Playhouse in Santa Barbara, California. She made her film debut in Giant (1956) as Lacey Lynnton and had a lead role in the 1957 film noir Portland Exposé as Ruth Madison. She was also the second female lead in the 1958 Western Apache Territory.

From 1957 to 1961, Craig was married to Charles E. Graham and gave birth to a son in 1959. After her divorce from Graham, she was married to Arthur Bryden until April 1970.

Sometimes billed as Caroline Craig, she also made numerous guest appearances on television, including a recurring role on the soap opera General Hospital. Craig made a guest appearance on the fourth episode of the television series Perry Mason; she played Helen Waters in “The Case of the Drowning Duck”. Craig also made a guest appearance on season 1 episode 3 “End of a Young Gun” of The Rifleman in October 1958, playing Ann Bard, a young woman who sparked the interest of Will Fulton, played by Michael Landon.

On April 8, 1958, Craig was cast as Edna Granger, a young woman with an unrequited romantic interest in deputy Marshal Wyatt Earp in the Western series The Life and Legend of Wyatt Earp.

On April 9, 1962, Craig was cast in the episode “The Fortune Hunter” of the Western series Laramie in the role of Kitty McAllen.

Craig died from a self-inflicted gunshot wound on December 12, 1970 in Los Angeles.