Elizabeth Potts was born Elizabeth Atherton on December 21, 1846, in Hulme, Manchester, England. She was the daughter of Michael Atherton and Jane Bradshaw. Her father worked as an engineer and passed away two years before she married Josiah Potts in Manchester. Elizabeth's mother, originally from Orrell, Greater Manchester, ran a beerhouse in the 1860s. The Atherton family had roots in Wigan.

At the age of 19, Elizabeth emigrated to the United States with her husband Josiah and their one-year-old daughter, Alice May. They left from the Port of Liverpool on the SS City of Cork and arrived in New York on May 16, 1864. The family traveled in a cabin instead of steerage, which was a sign of their relative comfort for the journey.

After settling in Milwaukee, Wisconsin, Elizabeth became a mother to at least eight children. In addition to Alice May, she had a son named George, born in 1866, a daughter named Virginia Louise, born in 1868, a daughter born in July 1869 whose name is recorded as either Leisna or Sarna, a son named Charles Henry born around 1871, a daughter named Ida May born around 1878, a son named Frank Leo born in 1881, and a daughter named Edith born in 1883.

Josiah, who worked as a machinist, found a job with the Central Pacific Railroad. The Potts family moved westward, first to Terrace, Utah, and then to Carlin, Nevada, in 1886. Financial difficulties led Elizabeth to temporarily separate from Josiah. She traveled to Fresno, California, and entered into a bigamous marriage with Miles Fawcett, an English carpenter, in 1887.

Later, Elizabeth returned to Carlin, Nevada, to reunite with her husband. During this time, Fawcett became a boarder in their home after purchasing a nearby ranch. Elizabeth continued to provide him with assistance, including food and laundry services.

On January 1, 1888, Miles Fawcett visited Elizabeth Potts at her home. He had plans to collect money that Potts and her husband owed him. Fawcett was invited to stay the night, and after that, he was never seen again. Elizabeth's husband, Josiah, later claimed that Fawcett went on a business trip.

Later in the summer of 1888, Elizabeth and her family moved to Rock Springs, Wyoming. In January 1889, the new renters of their previous home, the Brewers, discovered human remains in the cellar. The remains were confirmed to belong to Miles Fawcett. This led to the arrest of Elizabeth and Josiah Potts for his murder.

The trial for the Potts began soon after. Both Elizabeth and Josiah were found guilty and sentenced to death. On June 20, 1890, they were executed on a double gallows, attended by about 52 witnesses.

After their execution, their bodies were initially buried at Elko Cemetery. Later, when the cemetery was moved, they were interred in a common grave. Elizabeth Potts became known as the only woman executed in Nevada's history. This hanging marked the last legal execution in Elko County before the state banned executions in county seats.