Elizabeth Hurley was born in Basingstoke, Hampshire, England. Her father, Roy Leonard Hurley, was a Protestant and a civil servant; her mother, Angela Hurley (née Titt), was a Catholic and a schoolteacher. She has an older sister, Kate Hurley, and a younger brother, Michael James Hurley. Hurley attended the London Studio Centre, where she studied dance and theater. Afterwards, Hurley worked in theater and television.

Hurley made her film debut in Bruce Beresford's film Aria (1987). In 1988, after finishing filming the miniseries Christabel, in which Elizabeth played the title role of Christabel Bielenberg (1988), she appeared in several European films. While filming the movie Rowing with the Wind in 1987, Elizabeth began a romance with actor Hugh Grant, whom she dated for 13 years until their separation in May 2000.

Hurley's Hollywood debut was Passenger 57 (1992), starring Wesley Snipes. Despite the film's popularity, the role did not bring Hurley the attention of producers and directors that she deserved, and no offers for worthwhile roles followed. Hurley was disappointed and decided to return to her native England. Soon her popularity began to grow, partly because of her relationship with Hugh Grant and also because of her presentation as a model for the high-end cosmetics house Estée Lauder Companies.

In 1994, Elizabeth and Hugh Grant founded the film company Simian Films (in partnership with Castle Rock Entertainment). Their first joint project was the medical thriller Extreme Measures (1996), with a star-studded cast including Hugh Grant, Gene Hackman, and Sarah Jessica Parker. Hurley worked on this film as a producer. Several more of her works as a producer followed. Elizabeth has since appeared in several successful films, but one of her most successful and best-known works remains her role as the seductive devil in Bedazzled (2000).