She was one of three daughters of Gilbert de Clare, 3rd Earl of Gloucester and Joan of Acre, and sister of the infant fourth earl, also Gilbert de Clare (1307-1314). On the death of her brother at the Battle of Bannockburn, his property was equally divided between his sisters, Elizabeth, Eleanor and Margaret. Elizabeth is best remembered for having used much of her fortune to found Clare College, Cambridge. She married, firstly, John de Burgh; secondly, Lord Theobald Vernon, and thirdly, Lord Roger Damory. One of her daughters was Elizabeth D'Amorie.