Elizabeth Shepherd, born in London to missionary parents, began performing in public as a child, showcasing her skills in Burmese dances at mission-related events. She later studied drama at Bristol University and honed her craft on stage with repertory companies in Manchester and Nottingham, before appearing in plays with the Bristol Old Vic between 1961 and 1962.
Shepherd's move to America in 1965 marked the beginning of her Broadway career, where she headlined as Marjorie Hasseltine in Barry England's play Conduct Unbecoming in 1970. Her impressive range of roles on both classical and contemporary stages has included Lady Macbeth, Katherine of Aragon, Ophelia, Miss Havisham, Blanche Dubois, Lady Catherine de Bourgh, Simone de Beauvoir, and Daisy Werthan.
On screen, Shepherd's career spans from 1959, with her first recurring role as the innocent Jarndyce ward Ada Clare in the BBC adaptation of Bleak House. Although she was initially cast as Emma Peel in The Avengers, she was replaced after completing only two episodes and went on to appear in numerous cult series and period dramas throughout the 1960s and 1970s. She described herself as the "Queen of BBC miniseries" during this time.
Shepherd's film credits include the title role in Roger Corman's The Tomb of Ligeia in 1964 and a co-starring role as the romantic interest of James Franciscus in the World War II action film Hell Boats in 1970. Her later film appearances include Damien: Omen II in 1978 and the biopic Amelia in 2009, where she played the mother-in-law of aviation pioneer Amelia Earhart.
For television, Shepherd has taken on a wide range of roles, including the Ptolemaic Queen Cleopatra II in the BBC's The Cleopatras in 1983, the great detective's niece Peggy in Granada's The Adventures of Shirley Holmes in 1997, a starring role as registered nurse Judy Owens in the Canadian medical drama series Side Effects in 1994, and Margaret Thatcher in the made-for-television movie Shades of Black: The Conrad Black Story in 2006.
Since 1972, Shepherd has been a resident of Canada and has continued to act on both sides of the Atlantic until 2016. From 2008, she has also taught drama, Shakespeare, and English Classics at various institutions, including the Stella Adler School, LAMDA in London, York University in Toronto, and Columbia University in New York.