Waters was born in Chester, Pennsylvania, and grew up in the slums of Philadelphia. She was the child of a teenage rape victim. Waters claims she raised herself and just ran wild. Waters had very little schooling. By the time she was eight years old she worked as a domestic. As a child she began performing at church functions. As a teenager she was known for her "hip shimmy shake."

In 1917 she started performing in an all Negro vaudeville group. On stage she was called Mama Stringbean, because of her tall and lithe build. Ms. Waters was the first Negro star of a radio show. In 1938 she gave a recital at Carnegie Hall.

Ms. Waters was one of America's most celebrated and highest paid entertainers. Irving Berlin wrote four songs just for her to perform on Broadway in the play "As Thousands Cheer"

At the Cotton Club she introduced the song "Stormy Weather," which she said was about her life. Waters acted on Broadway and later in the movies. In 1949 she was nominated for an Oscar for her supporting role in the movie "Pinky."

In her later years she toured with Billy Graham's ministry until her death in 1977.