Elizabeth Despenser (died 10 April/11 April 1408) was an English noblewoman of the late 14th century.
She should not be confused with Elizabeth le Despenser, Baroness Berkeley, who was her great-aunt and who was the daughter of her great-grandmother, Eleanor de Clare.
She married Sir John FitzAlan, 2nd Baron Arundel.
They had three sons and one daughter: Sir John de Arundel, 2nd Baron Arundel, died on 14 August 1390, and was buried at Missenden Abbey, Buckinghamshire.
Her will requested burial at Tewkesbury Abbey, Gloucestershire.