The drama is based on the memoir of the same name by journalist Susannah Cahalan, who underwent a harrowing medical battle just as her career was taking off, reported Entertainment Weekly.
Moretz has been cast as Cahalan in a film that will explore how she suddenly started hearing voices and exhibiting violent outbursts.
When Cahalan slips into a coma, it's up to her doctor to help bring her back from the brink to rebuild her life.
Producer Charlize Theron's company Denver and Delilah and Broad Green Pictures jointly announced that Perry has been cast as Cahalan's New York Post editor.
"Brain on Fire", which will also star Jenny Slate and Richard Armitage, is expected to open next year.