Rakefet Levy is a graduate of The School of Art – Hamidrasha in Ramat Hasharon and the department of Fashion Design of the Shenkar College. Rakefet has taught, and still teaches in many academic institutions, such as the Shenkar College, The School of Visual Theatre, Jerusalem, Vital College for the Arts and the Bezalel Academy for Art and Design. She has established and managed the School of Visual Art and Stage Design in Tel Aviv.
Rakefet has designed sets and costumes for tens of plays across Israel's leading theatres. She has won numerous Israeli Academy of Theatre awards and directed and designed Cinderella for the New Israeli Opera (2007). Rakefet has also designed costumes for many films, television shows and musical productions. Since 1991, Rakefet has been a co-creator of Ohad Naharin, designing costumes for the Batsheva Dance Company and Batsheva – the Young Ensemble.