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Elisabeth Vasa (1549-1597), was a Swedish Princess, daughter of King Gustav Vasa of Sweden and Queen Margareta Leijonhufvud. In contrast to her older sister Sofia Vasa, who was described as the most unhappy of the children of Gustav Vasa, Princess Elisabeth has been described as the most happy one; she seemed to have an easygoing, cheerful and calm personality which made her life harmonious. She was described as blond and pretty, although no portrait exists which could with certainty be said to be her.

Princess Elisabeth was betrothed in 1562 to prince Christopher of Mecklenburg, but soon after, he was captured and held hostage for several years, and the engagement was considered to be broken. Her brothers negotiated for several years to arrange a marriage for her to ensure the highest possible political and economical status, in both Germany and Italy, among others with the Grand Duke of Tuscany, and in 1574, arrangements was made between her brother the King and the Queen dowager Catherine de Medici of France to marry her to King Henry III of France; everything was almost decided when the french king annonced that he had long ago decided to marry Louise of Lorraine.

Elisabeth herself lived quite happily in the Swedish court and did not appear sorry that the marriage negoitations failed. She had her own court and was responsible for the upbringing of her brothers' illegitimate children, and it was among her maids that her brother Eric XIV first met his future mistress and Queen Karin Månsdotter, and when King Eric was deposed in 1568, she was the last to abandon him, leaving the city in a boat together with her stephmother, the Dowager Queen Katarina Stenbock. She seems to have been a stabilising factor and mediator among her often quarreling siblings.

In 1577, the old engagement to Cristopher of Mecklenburg was aknowledged again and in 1581 they married and she left for Germany to live with him in Schwerin. Their long wait for each other have been considered a sign that this was not merely an arranged marriage, but also a love match; and it does seem, judging from letters, that their union was happier and more personal than most royal marriages of the time. They had a daugher, Margareta Elisabeth, later Dutchess of Mecklenburg.

In 1592, she became a widow, and the year after she returned to Sweden; she died quickly and unexpectedly in 1597 during negotiations regarding another marriage.