Gershon is well known for having a large and dedicated gay and lesbian following, probably influenced in part by her roles in such movies as Bound and Showgirls, in which she appeared in sexually explicit, nude lesbian love scenes.

Gershon has dated hotel owner Shawn McPherson, wealthy entrepreneur Jay Penske, and actors John Cusack and Owen Wilson.

She attended high school with Lenny Kravitz and the two remain close friends.