August 1, 2001 to August 2, 2001 [guest appearance];

December 6, 2002 to October 22, 2003 [contract]

Macy Alexander was the daughter of Sally Spectra, who owned knockoff fashion house Spectra Fashions, and named for the famous Macy's department store. Macy came home from college resentful her mother always put so much time into the business, but Macy began working at Spectra herself, where she had a brief involvement with photographer Mick Savage. Macy didn't know that Mick was only using her to make his ex-girlfriend, Kristen Forrester, jealous. During a joint fashion show between Spectra and rival fashion house Forrester Creations on the Queen Mary, Macy got locked in a stateroom and met Kristen's brother, Thorne Forrester, unaware that Sally was trying to engineer a meeting between Macy and eligible bachelor Ridge Forrester. Macy dated Thorne, but was surprised to learn that Thorne was also seeing her friend, Donna Logan.

After Thorne chose Macy, she was hesitant to reveal she was Sally's daughter since the Forresters hated Sally for constantly ripping off their designs. Macy briefly lost Thorne when his parents, Eric and Stephanie Forrester, discovered Macy's identity in a magazine, but soon Macy and Thorne got engaged; only Thorne's sister, Felicia Forrester, said she would attend their wedding. Despite the fact that Sally snuck into Forrester dressed as a man to talk to Thorne and got arrested when his family thought Sally was stealing designs again, Macy and Thorne were married on her birthday, October 23, with the Forresters arriving at the last minute.

Macy's wedded bliss was short-lived when she was accused of stealing Forrester's new wrinkle-free BeLieF formula, which was found in Macy's mail at Spectra Fashions. While Macy and Thorne were separated, Macy started seeing tennis instructor Jake Maclaine, who was also dating Felicia. Though Macy had finally determined to save her marriage to Thorne, Macy faced his wrath when Felicia exposed her relationship with Jake. Macy moved in with Jake, but made it clear they could only be friends.

Macy approached Thorne for a reconciliation, but by then he had fallen for Karen Spencer, the twin sister of his ex-wife, Caroline Spencer. Macy briefly lived with Thorne and Karen, ending up in a foodfight with Karen while arguing over Thorne. Macy got caught giving Jake a goodbye hug and lost Thorne, after which Macy turned to the bottle, commiserating with bartender Sly Donovan. After Macy and Thorne filed for divorce, Macy sang at the Bikini Bar, dated Sly and befriended his employees, brothers Keith and Kevin Anderson. Macy passed out on stage and was brought home by Keith, who was ghost writing Sly's love poems. Macy balked when her family staged an intervention for her, not knowing that Sly was enabling her by plying her with extra alcohol.

Macy tried to stop drinking when Thorne found her lying in an alley and they cleared up their misunderstanding about Jake. However, when Kevin caught Macy sneaking a drink, she swore him to secrecy, then crashed a car while driving drunk, injuring Kevin. Macy began to get sober with the help of Alcoholics Anonymous, but fell off the wagon when Sheila Carter, who had become the liaison to Forrester's new CEO Brooke Logan, spiked Macy's juice as revenge for Thorne's refusal to support her. Macy was driven home and put to bed by Anthony Armando, which did nothing to please Thorne. When Anthony was hired as head designer at Spectra, Macy pleaded with Thorne to understand that the ailing fashion house needed Anthony to survive.

After Thorne left Macy again over Anthony's involvement at Spectra, Macy fell for Anthony, not realizing Sally had fallen for him, too. Macy and Karen were invited on a double date with Anthony and his friend, Connor Davis, and agreed to wear bikinis Anthony designed, not knowing they became transparent when wet; however, Macy and Karen got the last laugh when Keith arranged for Anthony and Connor to wear see-through swim trunks instead. Not wanting to hurt Sally, Macy pushed Anthony toward Sally and watched him become a father figure to her half-brother, C.J. Garrison, but eventually Macy and Anthony resumed seeing each other in secret. Macy found herself fired from Spectra when Sally found out.

Macy attracted the attention of a record producer while singing at the Bikini and recorded a demo for him, only to find out the record company wanted to sign her and fellow singer Thorne as a package deal. Macy and Thorne signed with Decadent Records and prepared to sing at a concert in Rotterdam, Holland. But Macy kept her sore throat a secret, collapsing after the show and discovering she had throat cancer. While her operation to remove it was a success, Macy dropped Decadent, feeling she'd lost her ability to sing.

Macy snapped out of her depression when Thorne proposed to her, and they double dated with Anthony and his new girlfriend, Ivana Vanderveld. But Macy began receiving threatening fan letters, which Thorne felt had been written by Ivana, whom he'd jilted; on Macy's wedding day, Macy watched in horror as Thorne was arrested for murdering Ivana. Macy felt Thorne had been framed and brainstormed suspects with Anthony in Mexico, where Macy overheard Anthony admitting to Thorne, who had broken out of jail, that he had sent the letters and killed Ivana. Macy tried to sweet-talk Anthony into repeating his confession on tape but got caught, with Sally taking a bullet Anthony meant for Macy. After Anthony was arrested, Macy and Thorne remarried, with Macy's singing voice returning just in time for the ceremony.

With Thorne out of town touring in a production of Grease, Macy turned her attention to saving the struggling Spectra Fashions, offering department store maven Lauren Fenmore an exclusive deal but failing to sign her. Macy reluctantly rehired Sally's ex-husband, the brilliant but untrustworthy designer Clarke Garrison, not knowing he had accepted money from Unicorn Fashions to sabotage Spectra. Macy was impressed when Clarke willingly got shot to save C.J., who was kidnapped by Unicorn's thugs after Clarke reneged on his deal with them.

Macy and Thorne's marriage collapsed when Thorne came to the rescue of the lovestruck Claudia Cortéz, who was in the United States illegally; Macy reported Claudia to Immigration, which drove Thorne into the arms of Ridge's ex-wife, Taylor Hayes. Newly divorced, Macy was intrigued by new Spectra designer Grant Chambers, but was put off when it seemed all Grant wanted to do was make love. Eventually, after Grant proved his devotion, Macy proposed to him herself. Just after they married, the newlyweds bought the Insomnia Café, where Macy often sang.

When it appeared Grant might be sterile, Macy accompanied him to a fertility specialist and excitedly explored donor insemination, but Macy was thunderstruck when she learned Grant was dying of testicular cancer. Macy couldn't believe it when Grant told her and Thorne he wanted them to reunite and have a baby together. Macy sang at Grant's bedside as he died, then fell into a deep depression, so distracted she got herself into a car accident. Macy thought she imagined a visit by her long-missing father Adam Alexander, but when she tried to commit suicide by drowning herself in the Pacific, she was shocked to be rescued by him.

Macy learned that Adam had been on the run as Myles Fairchild, abandoning Sally when Macy was a girl because he had borrowed money from crooked men and turned them in to the authorities; Macy was further surprised to learn she had a half-sister in his daughter, Kimberly Fairchild. Macy counseled Kimberly when she got involved with Thorne's half-brother, Rick Forrester, and urged Sally to forgive Adam for leaving her to raise Macy alone. Macy hoped to reunite with Thorne and was set to remarry him until C.J. sabotaged a Forrester fashion show that left Kimberly standing on the runway in her underwear; Macy reeled at Thorne's contention that their families would always be at war.

Macy waged her own war with Brooke, whom Thorne had been seeing in the interim; Macy humiliated Brooke by blowing her away during a singing dare at the Insomnia. Trying to win back Thorne's affections, Macy arranged to seduce Thorne in a Forrester darkroom but accidentally kissed photographer Giovanni Lorenzano instead. With Stephanie's help, Macy began seeing Thorne again and thrilled to Stephanie throwing a surprise wedding for them, but Macy was aghast when Thorne said he couldn't marry her. Later, after a Forrester fashion show in Venice, Italy, Macy informed a shocked Brooke that she and Thorne had stopped off in Amsterdam and gotten married after all.

Macy felt smug in her victory over Brooke until she found out Ridge had kissed Brooke in Venice to trick Thorne into breaking up with her. Realizing Thorne married her on the rebound, Macy fought the urge to drink but fell off the wagon and confronted Brooke. When Thorne asked Macy for a divorce, she invited him to the Forrester cabin in Big Bear for one last night together but opened the door to Brooke, who arrived with divorce papers. Macy burned them and jumped into Brooke's car, driving recklessly with Brooke in the passenger seat. After Macy hit an oil tanker, she insisted Thorne rescue Brooke from the car first, but as Thorne went back for Macy, the car exploded. Unbeknownst to the grieving Forresters and Spectras, Macy was thrown from the car and saved by Adam, who took Macy on the run with him when the crooks he ratted out almost caught up with him. Macy seemingly appeared to Thorne when he visited her grave.

Macy began a new life in Portofino as "Lena," singing in a club and dating Lorenzo Barelli, who worried about keeping Adam and Macy's identities secret. Even so, Macy revealed herself when Adam told her Sally was in town for a fashion show; Macy also reconnected with an overjoyed Thorne. Conceding that she had blown Adam's cover, Macy went on the run with Lorenzo and married him in Portugal, but returned to Los Angeles with her new husband upon hearing that Sally, who was distraught over losing Macy again, had suffered a heart attack.

Macy resisted a persistent Thorne, who informed Macy they were still legally married, rendering Macy's wedding to Lorenzo invalid. Macy was conflicted for a while but told Lorenzo she wanted to return to Thorne; while trying to have a baby with Thorne, Macy learned she had a growth on her cervix, requiring an emergency hysterectomy that left her unable to have children. While grappling with her barrenness, Macy found out that her best friend, Darla Einstein, was pregnant by Thorne, who had gotten drunk after misinterpreting Macy's goodbye with Lorenzo. Macy immediately divorced Thorne and kicked Darla out of her life.

At an A.A. meeting, Macy met Deacon Sharpe, a fellow alcoholic who was kept away from his daughter, Hope Logan, by Hope's mother, Brooke, as well as his son, Eric Sharpe, by Amber Moore, the cousin of Eric's deceased mother, Becky Moore. Macy encouraged Deacon to involve himself in the lives of his children, and involved herself by confronting Brooke and Amber. Macy and Deacon's friendship turned romantic, and they soon married; at the ceremony, Macy brawled with Amber, who refused to give up custody of Eric. Later, Macy threatened to keep Eric from Amber, prompting Amber to bite Macy's ear.

Wanting to resume her singing career, Macy hired Deacon as her manager and snagged a plum gig headlining the opening of Ozzz, a hot new club. Before the show, Macy made peace with an apologetic Thorne and Darla, but as she took the stage, criminals who wanted to get back at the club's owner, Oscar Marone, rigged a chandelier to fall on Macy, who was critically injured and fell into a coma. Macy was taken off life support by Sally off-screen; Darla and Thorne named their daughter Alexandria to honor Macy's memory.

In 2017, it was revealed that Macy had additional family in an aunt, Shirley Spectra, and in two cousins, Sally and Coco Spectra. Though Macy has been presumed dead since 2003, her cousin Sally referred to Macy in the present tense and reported how "sweet" Macy had been to her and Coco, which intimates not only that Macy had contact with this heretofore unheard-of branch of the Spectra family, but that Macy might, in fact, be alive.