Lakshmi has received several awards and nominations throughout her career, including:
Born as Yaragudipadi Venkata Mahalakshmi on December 13, 1952, in Madras (now Chennai), Lakshmi grew up in a family with strong ties to the film industry. Her mother, Kunjamma, was a Malayalam actress. Encouraged by her family, Lakshmi made her acting debut as a child artist in the 1968 Malayalam film Jwala .