Elizabeth Chase "Lizzie" Olsen was born on February 16, 1989, in Sherman Oaks, California, to Jarnette "Jarnie", a personal manager, and David "Dave" Olsen, a real estate developer and mortgage banker. She is the younger sister of actresses and fashion designers Mary-Kate Olsen and Ashley Olsen.
As a child, Olsen received ballet and singing lessons and began acting at age 4. She appeared in her sisters' videos and began auditioning for other projects at age 11. Olsen attended Campbell Hall School in North Hollywood, California, and later enrolled at New York University's Tisch School of the Arts.
Olsen's breakout role came in 2011 with her performance in the film Martha Marcy May Marlene, for which she was nominated for numerous awards, including the Independent Spirit Award for Best Female Lead. She went on to appear in films such as Silent House, Godzilla, Avengers: Age of Ultron, and Captain America: Civil War.
In her personal life, Olsen dated fellow actor Boyd Holbrook from 2012 to 2015. She is the namesake of her sisters' clothing line "Elizabeth and James".
Olsen attended New York University's Tisch School of the Arts and the Atlantic Theater Company, graduating in March 2013 after six years of intermittent study.