Sherawat's birth name is Reema Lamba; she says that she adopted the screen name of "Mallika", meaning "empress" to avoid confusion with other actresses named Reema. "Sherawat" is her mother's maiden name. She has stated that she uses her mother's maiden name because of all the support her mother has provided for her. She has obtained a degree in Indian philosophy from Miranda House, Delhi University. She was married to Captain Karan Singh Gill - Jet Airways pilot and later divorced.