Born Thomas Elliott, he made his film debut in the Telugu film Padamata Sandhya Raagam (1986), directed by late Jandhyala. His early roles included Zeph in Buffy the Vampire Slayer (1992). He had supporting roles in several high profile films, including Boogie Nights (1997), The Thin Red Line (1998) and Magnolia (1999). After receiving critical acclaim as baseball player Mickey Mantle in 61*, Jane began receiving leading roles.

Jane and director Jonathan Hensleigh have said in many interviews that Jane was the first actor to be asked to play the title role in Marvel's comic book movie The Punisher. Jane initially turned down the role twice, as well as a part in X-Men, because he did not see himself as a superhero actor. After finding out what kind of character the Punisher was, he accepted. In addition to reading as many Punisher comics he could find, Jane trained for months with Navy Seals and gained more than twenty pounds for the part. Despite mixed reviews, comic book fans revered Jane's performance, much like that of Hugh Jackman as Wolverine and Patrick Stewart as Professor X, as being incredibly accurate to the personality and appearance of the comic book character he was playing. Jane will also appear on the sequel to come out late 2006 (fall) or early 2007.

As well as starring in the movie he also contributed his voice to The Punisher and the Gun video game.

In addition to his screen work, Jane has appeared several times on stage, and received strong critical reviews as Tom in Tennessee Williams' The Glass Menagerie, and as Chris in Arthur Miller's All My Sons. He has also portrayed himself in the Fox television show Arrested Development.

He has also recently written and financed a sci-fi comic book entitled Bad Planet which has been released by Image Comics. He is also a spokesperson for men's clothier Nautica.

Jane is divorced from Aysha Hauer, the daughter of actor Rutger Hauer.

He and fellow actor Patricia Arquette are parents to daughter Harlow Olivia Calliope, who was born on February 20, 2003.