Elisabeth Farnese (Italian: Elisabetta Farnese, Spanish: Isabel de Farnesio; 25 October 1692 – 11 July 1766) was Queen of Spain by marriage to King Philip V. She was the de facto ruler of Spain from 1714 until 1746, since she managed the affairs of state with the approval of her spouse. She is particularly known for her great influence over Spain's foreign policy. From 1759 to 1760, she governed as regent.

Elisabeth born in 1692 in Parma, the daughter of Odoardo Farnese, Hereditary Prince of Parma and his wife, Countess Palatine Dorothea Sophie of Neuburg. Elisabeth would be their only child to survive into adulthood, her only siblings dying infancy. Her father died in 1693, and her mother later remarried to his younger brother (Elisabeth's uncle), Francesco, in hopes for another heir. This never happened, and Elisabeth remained sole heiress. Elisabeth's marriage was considered of great political importance, and she received many proposals, notably from Piedmontese and Modenese princes, ultimately being married to the Spanish king, Philip V, whose first wife, Queen Maria Luisa, had died earlier that year.

Soon after her arrival at the Spanish court, Elisabeth proved to be dominant and strong-willed, and there seemed to be conflict with her and one of her ladies, the French Princess des Ursins. Elisabeth, with the help of several of her Italian courtiers, immediately got to work eliminating the French party at court.

Elisabeth and Philip would go on to have seven children, all of whom went on to make politically important marriages, many of which married into the French royal family. Her son Charles (later King Charles III of Spain) would go on to inherit the Duchy of Parma, with Elisabeth's mother as regent. Following multiple transfers of power, including rulers from the House of Habsburg, her son Philip was made Duke.

Elisabeth was born at the Palazzo della Pilotta in Parma, the daughter of Odoardo Farnese and Dorothea Sophie of Neuburg. Her mother later married her uncle Francesco Farnese, Duke of Parma.

Elisabeth was raised in seclusion in an apartment in the Palace in Parma. She had a difficult relationship with her mother, but was reportedly deeply devoted to her uncle-stepfather. She could speak and write Latin, French, and German and was schooled in rhetoric, philosophy, geography and history, but, reportedly, she found no interest in her studies and lacked intellectual interests. She was a better student within dance, studied painting under Pietro Antonio Avanzini and enjoyed music and embroidery. She survived a virulent attack of smallpox.

Because of the lack of male heirs of her father, her uncle-stepfather, and her youngest uncle, who all succeeded one another, preparations were made for the succession of the Duchy of Parma through the female line (her). She consequently received many marriage proposals. Victor Amadeus, Prince of Piedmont and Francesco d'Este, Hereditary Prince of Modena both asked for her hand but negotiations eventually failed, as well as Prince Pico della Mirandola. The Duchy of Parma would later be inherited by her first son, Infante Carlos. After his accession to the Spanish throne, the title passed on to her third son, Infante Felipe. It was he who founded the modern day House of Bourbon-Parma.

On 16 September 1714 she was married by proxy at Parma to Philip V of Spain. The marriage was arranged by the ambassador of Parma, Cardinal Alberoni, with the concurrence of the Princesse des Ursins, the Camarera mayor de Palacio of the King of Spain. Elisabeth was a natural choice for Philip V because of the traditional Spanish interests in Italian provinces, and she was the heir of the Parmesan throne.