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Paltrow gained notice for her early work in films such as Seven (1995), Emma (1996), Sliding Doors (1998), and A Perfect Murder (1998). She garnered wider acclaim for her role as Viola de Lesseps in the historical romance Shakespeare in Love (1998), for which she won the Academy Award for Best Actress. Roles followed this in The Talented Mr. Ripley (1999), The Royal Tenenbaums (2001), and Shallow Hal (2001). She made her West End debut in the David Auburn play Proof (2003), earning a Laurence Olivier Award for Best Actress nomination, and reprised the role in the 2005 film of the same name.

After becoming a parent in 2004, Paltrow reduced her acting workload by making intermittent appearances in films such as Two Lovers (2008), Country Strong (2010), and Contagion (2011). Paltrow's career was revived through her portrayal of Pepper Potts in the Marvel Cinematic Universe, from Iron Man (2008) to Avengers: Endgame (2019). On television, she had a recurring guest role as Holly Holliday on the Fox musical series Glee (2010–2011), for which she received the Primetime Emmy Award for Outstanding Guest Actress in a Comedy Series. After starring in the Netflix series The Politician (2019–), she took a break from acting. She later returned to acting with Marty Supreme (2025).

In 2005, Paltrow became the "face" of Estée Lauder Companies; she was previously the face of the American fashion brand Coach. She is the founder and CEO of the lifestyle company Goop, which has been criticised for promoting pseudoscience, and has written several cookbooks. She received a Grammy Award nomination for Best Spoken Word Album for Children for the Brown Bear and Friends (2009). She hosted the documentary series The Goop Lab for Netflix in 2020.