Chase graduated from Mount Holyoke College with a BA in English. She also studied at the University of St. Andrews in Scotland, and studied design and illustration at the Parsons School of Design and the New School for Social Research.
Chase began working for Marvel in 1985 when she was hired as an assistant editor of Marvel's Special Projects Department. She then went on to do work as a freelance writer and designer.
In 1986 Chase was promoted to editor and had long tenures on Marvel's G.I. Joe comics, The Incredible Hulk, Ghost Rider and Doctor Strange. In 1994 she was made Editor-in-Chief of the company's Marvel Edge imprint, which targeted older teens, and in 1995 she became Executive Editor of Marvel Entertainment. She took over the editorial reins of Iron Man in 1998, staying in charge of that title until 2001. From 1999–2001 she was editor of Fantastic Four.
After leaving Marvel in 2011, Chase worked in children's publishing: she freelanced at Disney Adventures, then served for six years as Editorial Director of the equine-focused book sales club PONY, a division of the Norwegian publisher Stabenfeldt International.
In 2011 she joined DC Comics as a senior editor on the Batman titles, such as Nightwing, Batgirl, and Teen Titans. She was hired by Bob Harras, an old colleague from her Marvel days. In 2012 she was promoted to DC Universe Editorial Director, working on such titles as Red Hood and the Outlaws and Savage Hawkman.
In April 2015 Chase was named DC's Vice President of Talent Development.