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Falco became the only actress to ever receive the Emmy Award for Outstanding Lead Actress in a Dramatic Series, the Golden Globe Award for Best Performance by an Actress in a Dramatic Television Series and the SAG Award for Outstanding Performance by a Female Actor in a Drama, all in the same year for her performance as Carmela Soprano in the groundbreaking HBO series The Sopranos. Since then, she has been nominated for those awards for each eligible television season, winning an additional Emmy and Golden Globe, as well as the American Film Institute's award for Female Television Actor of the Year. When she received the Television Critics Association Award for Individual Achievement in Drama, it was the first time in TCS history that the award was presented to a woman.

For the feature film Cost of Living, Falco received the American Film Institute's Best Actress Award. Her performance in Laws of Gravity earned her an Independent Spirit Award Nomination for Best Female Lead Actor. Falco's other film credits include A Price Above Rubies, Cop Land, Trouble on the Corner, Private Parts, Hurricane, Layin' Low, Breathing Room, The Funeral, The Addiction, Bullets Over Broadway, Trust, The Unbelievable Truth, Random Hearts and the title character in the award-winning film Judy Berlin. For her performance in John Sayles' Sunshine State, Falco received the Los Angeles Film Critics Association and New York Film Critics Online Awards for Best Supporting Actress. Most recently she starred in The Great New Wonderful and The Quiet.

Falco is also known to television audiences from her recurring roles in the HBO dramatic series Oz and the acclaimed NBC series' Law and Order and Homicide.

Falco made her Broadway debut in the Tony Award-winning play Sideman, which she originated in its off-Broadway production. For her performance, she received a Theatre World Award and a Drama Desk Award nomination for the Best Performance by an Actress in a Leading Role in a Play. She went on to make her London stage debut in the West End premiere of Sideman and, thereafter, opened the London production of the highly successful The Vagina Monologues. When Falco starred opposite Stanley Tucci in the lauded revival of Frankie and Johnny in the Claire de Lune, the play broke four house box office records at Broadway's Belasco Theatre, making it the most successful play on Broadway that season. Falco appeared on Broadway last year opposite Brenda Blethyn in the first revival of the Pulitzer Prize-winning drama 'Night Mother.