It is located in the northern Sierra Pelona Mountains, at the edge of the western Antelope Valley and Mojave Desert.

According to the United States Census Bureau, the CDP has a total area of 6.5 square miles (16.9 km2), over 95% of which is land.

[4] Known then as "La Laguna de Chico Lopez", Elizabeth Lake was a watering locale on Spanish colonial and Mexican El Camino Viejo in Alta California and the Gold Rush era Stockton–Los Angeles Road.

From 1858 to 1861 it was between the Widow Smith's Station and Mud Spring stage stops of the Butterfield Overland Mail.

The lake area was to the west of Rancho La Liebre, an 1846 Mexican land grant now part of Tejon Ranch.

The Elizabeth Lake tunnel was the largest single construction project on the Los Angeles Aqueduct and set speed records in its day.

According to the 2010 United States Census, Elizabeth Lake had a median household income of $67,614, with 6.0% of the population living below the federal poverty line.