|Joanna Johnson as Karen Spencer|
|The Bold and the Beautiful|
|Portrayed by||Joanna Johnson|
|Current status||Present, Recurring|
|Duration||1991-1994, 2009, 2011, 2012-|
|First appearance||December 11, 1991|
|Created by||William J. Bell|
|Occupation||50% Owner of Spencer Publications|
|Residence||Los Angeles, California|
Karen was kidnapped as an infant under the name Faith Roberts and was raised by a waitress named Bonnie Roberts. Ridge Forrester was married to her identical twin sister (portrayed by the same actress) Caroline Spencer Forrester who died of leukemia and married his psychiatrist Taylor Hayes. Taylor's ex-husband Blake Hayes wanted her back and discovered Caroline had an identical twin sister who had been kidnapped as a baby. Blake found her in Texas and found out she was Karen Spencer heiress to Spencer Publications. Blake dyed her hair like Caroline's so Karen could lure Ridge away from Taylor. Her father Bill Spencer Sr. found out and Ridge only wanted her as a friend. Blake was furious and left town. Ridge's brother Thorne, who had also been married to Caroline began to date Karen. Thorne had Karen move in with him with Macy Alexander, his wife who had a food fight preparing Thanskgiving dinner. Throne admit having feelings for both of them and Karen won. Karen befriended Brooke Logan who was running Forrester Creations with attorney Connor Davis. Thorne went back to Macy and Karen began a friendship with Connor. Ex-fugitive Sheila Carter wanted more power in the company by taking a picture of Karen and Connor kissing and getting Connor fired, but it didn't work when Karen admit he's just a friend. Karen enjoyed spending time with enemies of the company the Spectra's (which included Macy). Karen began to be more involved with Connor and had him take and HIV test and he was negative but Karen was ready. Connor gave Karen a few drinks and went to bed together. Connor felt bad and told this to Macy. Macy decided to give him what he deserved and lied she was pregnant. Connor gave Karen a surprise wedding. After they got married Connor went on a date with Darla Einstein (also from the Spectra company). Karen felt terrible, made peace with Connor, and returned Spectra Contour to owner Sally Spectra before leaving L.A.
Karen returned in 2009 when her father Bill Spencer Sr. died and good friend of his Stephanie Forrester called and said she's sorry about the loss. In her father's will, Karen obtained 50% of Spencer Publications and the other 50% went to her half-brother Bill Spencer. Karen was hesitant, but Stephanie convinced her she'll do a fine job. Karen stayed for Bill's wedding to Katie Logan and then left for New York City.
Karen now has an adult daughter named Caroline Spencer, named after her sister. Karen is now a lesbian and sees Danielle who then get married and later becomes Danielle Spencer when they marry. Caroline was dating Thomas Forrester, who asked about her dad. Karen then told him the story. Caroline tells Karen that Danielle can get a job at Spencer Publications if Karen tells Caroline's Uncle Bill about her relationship. Bill took it surprisingly well and Dani got the job.
After Caroline convinced her boyfriend Rick Forrester to tell Bill he deviously broke up Bill's son Liam and Rick's half-sister Hope (which Bill never approved of) Bill accidently threw Caroline off a balcony. Karen and Danielle were devastated, and Danielle mentioned to Karen that she's seen Bill rely on alcohol more than once.
At Brooke's birthday party hosted by her sister Katie Logan at Katie and Bill's house, Taylor Hayes (one of Brooke's enemies) reveals that Brooke got pregnant and miscarried Bill Spencer's child. Katie asked Brooke and Brooke couldn't say anything because she swore she'd never lie to her sister. Katie then wanted Bill and her get a divorce.
Karen (who doesn't approve of Bill) helped Katie through this divorce. Katie only asked for 1% of the company (Bill's 50%). Karen encouraged Katie to take more but she didn't. Brooke then came in and Karen exclaimed she doesn't want to see her and made it clear Karen doesn't like Brooke Logan either having no friendship. Karen doesn't approve of Brooke. Katie takes 1%, leaving Bill 49%, and Karen 50%. Katie with Karen's permission then fired Bill. Katie and Karen hugged when Danielle came in and asked what was going on. Karen told her and Danielle supported Katie and Karen and now run Spencer's. Karen then had another confrontation with Bill, stating that Katie is going to win. Bill fired back saying he's accepted her so many times even when he found out she was gay. Karen admitted to her brother that he's made some good and bad decisions, and this one was a bad one.