Elisabeth was born at Laxenburg on 2 September 1883. Elisabeth was known within the family as Erzsi, an affectionate Hungarian diminutive. She was the favorite grandchild of her paternal grandfather, Emperor Franz Joseph.
Rumour had it that Prince Albert, heir to the throne of Belgium, had considered marrying Elisabeth. He asked his uncle and Elisabeth's maternal grandfather, King Léopold II, for permission to propose to her; but Léopold was too angry about the recent morganatic marriage by Elisabeth's mother, so he refused to give Albert his permission.
Elisabeth married Prince Otto Weriand of Windisch-Grätz (1873–1952) on 23 January 1902. They had three sons: Princes Franz Joseph {1904-1981}, Ernst [1905-1952} and Rudolph {1907-1939}. Their only daughter, Princess Stephanie of Windisch-Graetz, was born at Ploschkowitz on 9 July 1909. Stephanie died on 7 September 2005.
She formally divorced Prince Otto in early 1948. On 4 May 1948, Elisabeth married Leopold Petznek (1881–1956), with whom she had been living for many years. Leopold was a teacher and a Social Democratic politician who served as Speaker of the lower chamber of parliament. He also spent a period of time imprisoned by the Nazis.
Elisabeth became known as The Red Archduchess for her association with her husband, Leopold, and the Socialist party. She frequently visited spiritualists, and she wrote about these séances in her diary.
Elisabeth died in Vienna on 16 March 1963 at the age of 80. According to her wishes, she was buried in a nameless grave at the Hütteldorfer Friedhof in Vienna, close to the house where she spent her last years with her enormous dogs (Gruppe 22, Grab G29; nameless white cross).
