Archduchess Marie Valerie was born on 22 April 1868 in Buda, Hungary to Emperor Franz Joseph I of Austria and his wife, Duchess Elisabeth in Bavaria.

Sophie herself wrote to Elisabeth's mother, Duchess Ludovika in Bavaria, "Sisi is completely absorbed by her love and care for this irresistible little angel."

Another of Valerie's nicknames was "the Hungarian child", as her birth had been a concession by Elisabeth, who disliked physical intimacy and pregnancy, in exchange for Franz Joseph's reconciliation with Hungary, her most favored part of the Empire.

[1] Malicious rumors began to spread that Valerie was in truth the daughter of Elisabeth's friend and admirer Gyula Andrássy, the Hungarian prime minister.

Due to the atmosphere they created, Valerie developed a lifelong antipathy toward anything to do with Hungary, exacerbated by Elisabeth's insistence on speaking to her only in Hungarian.

Nonetheless, Empress Elisabeth declared that Valerie would be allowed to marry even a chimney sweep if she so desired (in contrast to her other children, who both had to make dynastic marriages).

Valerie chose Franz Salvator, a relatively minor prince from the Tuscan branch of the Austrian imperial family who had no great wealth to offer, and Elisabeth, as promised, supported her favorite daughter.

Though on 11 June 1895, the couple purchased Schloss Wallsee on the Danube River from its then owner, Alfred, Duke of Saxe-Coburg-Gotha, and completely renovated it.

Even after her marriage, Marie Valerie remained in close contact with her ageing father, who greatly appreciated the informal atmosphere in his youngest daughter's family.

Franz had many affairs, including one with a dancer Stephanie Richter, who was later known as "Hitler's Spy Princess" for her espionage activities before and during World War II.

Shortly before her death, her sister Gisela wrote in a letter, "I must add that I have seen Valerie - fully conscious, completely aware of her condition, and so devoutly accepting, even joyfully anticipating her impending departure, that I believe an unexpected recovery would actually disappoint her."

On 28 April 1934, ten years after Valerie's death, Franz married a second time, to Freiin (a title corresponding to "Baroness") Melanie von Riesenfels.

The pair had met after Valerie's death at Melanie's home, Seisenegg Palace, where she lived with her sisters Maria Anna and Johanna.