Elizabeth (formerly Elizabeth Town) was founded in 1787 by Samuel Mackay, Colonel Stephen Bayard, and his wife, Elizabeth Mackay Bayard (for whom the town was named).

Elizabeth celebrated its sesquicentennial in 2009, marking the 175th anniversary of the town’s incorporation as a borough, which took place on April 2, 1834.

Among the earliest industries of Elizabeth were glass making, safe making, steamboat building, and shipbuilding.

Elizabeth boat builder John Walker, who is buried in a small family cemetery in the borough, was contracted to build a 55-foot keelboat used for the first stages of the Lewis and Clark Expedition. The keelboat set sail from the shores of the Monongahela River in August of 1803.  The Monongahela River continues to play an essential role in the lives of Elizabeth residents, both as a recreational resource and for coal barge and riverboat travel.