Ghoshal caught the attention of director Sanjay Leela Bhansali when she participated in Sa Re Ga Ma Pa for a second time, this time In 2000, he offered her the opportunity to be the voice of Paro, the lead female character of the film Devdas, who was portrayed by Aishwarya Rai. Ghoshal sang five songs in the film. Her performance won her the Filmfare Award for Best Female Playback Singer, as well as Filmfare’s RD Burman Award for New Music Talent. She also won the National Film Award for the song “Bairi Piya”.
She has received Filmfare awards in Hindi, Tamil, Kannada and Malayalam industries and State Film Awards from Malayalam, Tamil industries. She debuted in South through the song “Yen Chellam” in Vasantha Balan’s Tamil film Album and got noticed after singing the duet “Munbe Vaa” from Sillunu Oru Kaadhal under composer A. R. Rahman. She debuted in Malayalam through a studio album of composer Alphons Joseph and later gave voice to his song “Vida Parayukayano” from Big B. In 2010, Shreya sang for the English independent film “When Harry Tries to Marry”
She has also been a judge for Star Voice Of India-Chhote Ustaad with singer Kunal Ganjawala and composer Pritam. Currently, Ghoshal is one of the three judges in X Factor (India) with Sonu Nigam and Sanjay Leela Bhansali.