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Prior to becoming a Playmate, Fallon was a student and a member of Delta Gamma at Florida State University. In the late 1990s, she was a cheerleader for the Atlanta Falcons, and was a member of the cheerleading squad when the Falcons qualified for Super Bowl XXXIII.
In 2004, Fallon posed for Playboy magazine and was named Playmate of the Month for December. As Playmate of the Year 2005, she earned $100,000 cash and was given a blue Chevrolet Corvette convertible. Her Playmate of the year luncheon at the Playboy Mansion was featured in an episode of E! reality television series, The Girls Next Door. She also had cameo appearances in other episodes. Receiving the distinction at the age of 31, Tiffany is the second oldest Playmate to be chosen as Playmate of the Year. That honour still belongs to Miss May 1985, and PMOY 1986 Kathy Shower, who was aged 33 at the time.
Since becoming Playmate of the Year, she has continued to work for Playboy on various occasions, including modeling the new bunny outfit created by Roberto Cavalli at The Palms in Las Vegas. She has also continued her nude modeling work with the launch of her own website, which is a partnership with Playboy in 2005. She was also featured in the Playboy Cyber Club's celebrity photographer section, being photographed by her husband, Joe Don Rooney of country group, Rascal Flatts.