The Duchy of Luxemburg was mortgaged to Elisabeth by her uncle the King Sigismund of Hungary, who later also became King of Bohemia and Holy Roman Emperor. He was unable to repay the loan, and subsequently left Elisabeth in control of the duchy.
Her first marriage took place in Brussels on 16 July 1409, to Antoine, Duke of Brabant. He defended her against three uprisings of the Luxemburg nobility, until his death in 1415.
John of Bavaria was her second husband. He died in 1425, and they did not have any children. After his death, she became heavily indebted.
In 1441, she made a treaty with Philip III, Duke of Burgundy, allowing him to immediately assume the administrative duties of Luxemburg and inherit the duchy upon her death. He agreed to this, but chose to launch a night attack on the territory two years later, taking immediate control. Elisabeth was subsequently expelled from Luxemburg by Philip's forces.