She attended the Dalton School in New York City and graduated from Duke University in 1996, where she studied art history. She was a member of the Beta Rho Chapter of Kappa Alpha Theta (Theta) at Duke.
Dylan founded Dylan's Candy Bar in 2001. She was inspired by seeing Willy Wonka & the Chocolate Factory on her sixth birthday. She was named one of the Top 25 Most Stylish New Yorkers by US Weekly in 2007. Her favorite designers include Ralph Lauren, Alice and Olivia, and 7 For All Mankind.
Lauren and longtime boyfriend hedge fund manager Paul Arrouet married in June 2011. The ceremony was held in New York City, and she wore a bridal gown of her father's design. On April 13, 2015, Dylan and her husband welcomed fraternal twins, Cooper Blue and Kingsley Rainbow Arrouet, via surrogate.
In 2017, Dylan began starring as a judge on the ABC reality series The Toy Box.
