Elizabeth J. Magie Phillips died at the age of 81 in Arlington, Virginia. At the time of her death, she had not received widespread recognition for her invention, The Landlord's Game, which later served as the inspiration for Monopoly. She was buried with her husband, Albert Wallace Phillips, in Columbia Gardens Cemetery, Arlington, Virginia.

An interview with Elizabeth Magie appeared in a Washington, D.C. newspaper, in which she was critical of Parker Brothers. In this interview, she highlighted the similarities between her game, The Landlord's Game, and Monopoly, for which Charles Darrow was receiving credit and financial success, while she had made little money and received little recognition.