She came to prominence as upper-class girl Anna Gripenhielm in the soap-opera Nya Tider. She went on to later play Chrissy in the Swedish-American soap Ocean Ave.
Ferguson's work in The White Queen has been met with praise, earning her a Golden Globe nomination for Best Actress – Miniseries or Television Film.
In 2015, Ferguson played Ilsa Faust, the female lead in Mission: Impossible – Rogue Nation, for which she was highly praised. She will reprise her role in the sixth Mission: Impossible film.
Also in 2016, she appeared in Stephen Frears' Florence Foster Jenkins, opposite Meryl Streep, and Tate Taylor's thriller book adaptation The Girl on the Train. In 2017, she played a lead in Daniel Espinosa's sci-fi thriller Life, and will co-star in Tomas Alfredson's The Snowman, opposite Michael Fassbender and Charlotte Gainsbourg.
In 2017, Ferguson starred alongside Ryan Reynolds in Life. Her films include The Snowman and The Greatest Showman.