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Marshall Herskovitz became interested in filmmaking while studying at Brandeis University, where he wrote a screenplay of Beowulf as his senior thesis in 1973. After graduation he wrote, produced, and directed a short film entitled In Footsteps, which gained him acceptance to the American Film Institute in 1975, at which he earned an MFA in 1978.

Herskovitz then spent several years writing and directing for episodic television, including such shows as Family and The White Shadow, before teaming with Edward Zwick to create the multi-award winning television movie Special Bulletin. Herskovitz won two Emmys, for best dramatic film and best writing for a dramatic film, a Writers Guild Award, and the Humanitas Award for his work.

In 1985, Herskovitz and Zwick created The Bedford Falls Company, named for the town in It's a Wonderful Life, as home for their film and television projects. The company's first project, two years later, was the acclaimed television series thirtysomething. For his work on this series, Herskovitz received two additional Emmys, two Directors Guild Awards, a Writers Guild Award, a Humanitas Award, the Golden Globe Award, the People's Choice Award, the Peabody Award, and several others.

After thirtysomething, Herskovitz directed the 1992 feature film Jack The Bear, starring Danny DeVito, then produced Legends of the Fall, starring Brad Pitt and Anthony Hopkins, in 1993. The following year Herskovitz and Zwick teamed to produce the groundbreaking series My So-Called Life, starring a then-unknown Claire Danes, followed by Relativity in 1995. In 1996 Herskovitz produced and directed the historical epic Dangerous Beauty. He also produced Traffic, winner of two Golden Globe Awards and four Academy Awards, directed by Steven Soderbergh and starring Michael Douglas, Catherine Zeta-Jones and Benicio Del Toro; I Am Sam, starring Sean Penn and Michelle Pfeiffer; and Women vs. Men, starring Paul Reiser and Joe Montegna.

Most recently, Herskovitz and Zwick created and executive produced the award-winning series Once and Again for ABC.