The Dukedom of Luxembourg was mortgaged to Elisabeth by her uncle, Sigismund, 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 July 16, 1409, to Antoine, Duke of Brabant. He defended her against three uprisings of the Luxembourg nobility, until his death in 1415. They had two children:
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 Luxembourg 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 Luxembourg by Philip's forces.