Before venturing into acting, Toledo had worked as a model. She made her debut in 1993, and has since performed in Spanish, Italian and German productions. At the 13th Goya Awards, Toledo was nominated for Best New Actress for her performance in Mararía. In 2003, at the 53rd Berlin International Film Festival, she was one of several young European actors that were presented Shooting Stars Award by the European Film Promotion.
