She was the fourth daughter born to Joseph, the then Hereditary Prince of Saxe-Hildburghausen and his wife Duchess Amelia of Württemberg.

[1] Her official title was Princess Elisabeth of Saxe-Hildburghausen until later that year, when her family moved to Altenburg as a result of a transfer of territories among the various branches of the Ernestine Wettins.

In 1834, her father succeeded as Duke of Saxe-Altenburg, but was forced to abdicate in the civil revolution of 1848 due to the conservative, anti-reform nature of his government.

On 10 February 1852, Elisabeth married her second cousin Peter, Hereditary Grand Duke of Oldenburg.

She used funds given to her by her father on the occasion of her marriage to set up the Elisabeth Foundation, which still exists today.