Blanchard made her professional acting debut on the soap opera Guiding Light in 1997, where she played spoiled rich girl Drew Jacobs. Her role on the show increased over the years, and by the time of her departure in 2000 she had become a major player on the series. She was then cast as the younger version of Judy Davis's Judy Garland in the 2001 television docudrama Life with Judy Garland: Me and My Shadows. She received glowing reviews for her performance and earned an Emmy Award for Best Supporting Actress in a Miniseries. In 2004, she played Sally Reid in the CBS made-for-television movie, When Angels Come to Town with Peter Falk. She also played Marianne Mulvaney in the television movie We Were the Mulvaneys (2002).

Blanchard earned a Tony Award nomination and a Theatre World Award for her work in her Broadway debut in the 2003 revival of Gypsy: A Musical Fable, in which she played the title role opposite Bernadette Peters.

Blanchard's film roles include The Good Shepherd (2006), starring as the deaf love interest of Matt Damon's character, Bella (2006), which took top prize at the 2006 Toronto International Film Festival, and the upcoming The Ramen Girl (2007). She also co-stars with Jessica Lange in the upcoming CBS television remake of the 1976 television film Sybil, in which she portrays a woman with multiple-personality disorder. In 2002, she played Noreen Plummer in Stealing Harvard.

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