Stone was born inScottsdale,Arizona, to Jeff and Krista Stone, and has a younger brother named Spencer. As a child, she joined the Valley Youth Theatre in Phoenix, where she performed in her first play, The Wind in the Willows, at age 11. She went to Sequoya Elementary and Cocopah Middle School for sixth grade before being homeschooled for two years. During that time, she acted in 16 productions at the theatre, includingCinderella,The Little Mermaid, andAlice in Wonderland, and also performed with its improvisation comedy group. In a 2008 interview with Teen Vogue, she said she enjoyed improvisation because her mind "works in five-minute increments."
She attended Xavier College Preparatory which is an all-girls school and stayed there for one semester and moved to Los Angeles at fifteen years old.