Elizabeth was born in 1750, the youngest daughter of Augustus, 4th Earl of Berkeley, and his wife Elizabeth, daughter of Henry Drax of Charborough, Dorset. In 1767 she married William Craven, later 6th Earl of Craven; they had six children. In 1783 they separated, and Elizabeth began a long journey throughout France, Italy, Greece, Poland, Turkey and Russia, publishing the journal of her travels in 1789, entitles 'Journey through the Crimea to Constantinople'. She finally reached Anspach, and here met and went to live with Christian Frederich Charles Alexander Margrave of Brandenburg, Anspach and Bareith, Duke of Prussia and Count of Sayn. Lord Craven died in September 1791, and the following month she married the Margrave. He sold his estates in Prussia, and they moved to London, settling at Brandenburg House, Hammersmith, and at Benham in Berkshire. The Margrave died in 1806 and was buried there.

The Margravine was as much admired for her beauty as for her literary and dramatic capabilities. She had translated and written several plays for the Prussian Court Theatre, and a production of her play 'Miniature Pictures' was performed at Drury Lane in May 1780. Walpole was a great admirer writing stanzas in praise of her, and publishing her first comedy, the 'Somnambula' on his private printing press at Strawberry Hill. She had her own threatre at Brandenburg House where she produced pantomimes, musical comedies, for which she composed the music, and other plays, often taking part in them herself. She died in Naples in 1828.

Sittings are recorded on 16, 27 April, 9, 14, 20, 29 May, 1, 6 June, 28 November and 26 December. A portrait of the Margrave was painted at the same time, and was also in the collection of the Fishmonger's Company in the late 19th Century.