Kraus is originally from Innsbruck. She studied mathematics and physics at the University of Innsbruck, earning diplomas in mathematics and physics. She completed her PhD in physics under the supervision of Ignacio Cirac in 2003. After postdoctoral research at the Max Planck Institute of Quantum Optics, the University of Geneva, and the University of Innsbruck, she became an assistant professor in Innsbruck in 2010, and earned her habilitation there in 2012. She became full professor in 2020. In 2023 she was appointed professor of Quantum Algorithms and Applications at the Technical University of Munich.