She graduated from the Taganrog Girls Gymnasium, later studied in Bestuzhev courses in Saint Petersburg and started to write poems in her childhood.

Since then, she wrote many children's books, including Metropolitan (1932), The Moon and the Lazy Fellow (1933), The Seagull (1965, dedicated to Valentina Tereshkova, Soviet Russian cosmonaut, the first woman to go into space).

The verses of Tarakhovskaya are lyrical, thoughtful, and almost always full of humor, with most of them being the poetry of ordinary and everyday things around.

The play By the Pike's Wish (Po shchuchuyemu veleniyu) is considered by theater experts as the greatest puppet show of the 20th century, making quintessence of Meyerhold's methods.

Yelizaveta Tarakhovskaya died in Moscow on November 11, 1968, and was buried on Novodevichy Cemetery near her twin-brother Valentin.