Bridget is the daughter of Peter Fonda and Susan Brewer, the grand-daughter of Henry Fonda, the niece of Jane Fonda, the cousin of Vanessa Vadim and Troy Garity and the god-daughter of Larry Hagman. She was named for Bridget Hayward, a friend of Peter's who had committed suicide.
After her parents' divorce in 1972, Bridget and her brother Justin (now a cameraman) were raised by their mother in Coldwater Canyon, Los Angeles, and they had little contact with their father or the other Fondas. Susan moved to Montana, and Bridget began to spend more time with her father. While still at the Westlake School for Girls, Los Angeles, she was cast as Nurse Kelly in Harvey, which led her to think of a career as an actress, and she went on to study acting for four years at the Lee Strasberg Theatre Institute of New York University.
Bridget now divides her time between homes in New York City and Los Angeles. She lived with Lee Drysdale from 1986 to 1989 and with Eric Stoltz from 1990 to 1998. She dated the less well known actor Dwight Yoakam for a while during 1999. In February, 2003, she had a bad car crash at Malibu while driving a Jaguar (leaving her with back injuries and forcing her to drop out of a series of ABC's The Practice), and quickly announced her engagement to Danny Elfman, a film composer who used to sing with Oingo Boingo. They were married the same year and now have one son, Oliver, born in January 2005.