In this large state portrait, Anguissola has captured the likeness of the newly-married Elisabeth of Valois, Queen of Spain. Dressed in swaths of black cloth, which was the most expensive color due to the complex dying process, and decked in pearls and rubies from neck to the hem of the dress, Elisabeth shows herself to be a wealthy Renaissance queen. The open sleeves of her outer gown reveal the striped yellow sleeves underneath, and the expensive white silk lining of the outer garment. She wears a bejewelled coronet, necklace and girdle with precious stones while her hands bear numerous finger and thumb rings. In her right hand, she holds a miniature portrait of Philip II of Spain, her husband, which is a public display of love and affection for her new spouse even though it was probably Phillip who commissioned the portrait of his wife. Elisabeth leans against a large marble column which suggests that she is standing within a grand palace, which again hints at the couple's wealth, power and luxurious lifestyle.

In Renaissance and early-modern visual culture, the pearl had significant symbolism, especially for women. Therefore it is unsurprising to see the knotted strings of pearls decorating Elisabeth's gown. Pearls were thought to symbolise not only extreme wealth, but also female fertility, as the pearl was thought to be 'born' within the shell of oysters. Thus, in this state portrait the numerous pearls hint at the future children that Elisabeth will bear Phillip. Unfortunately, it would be her fourth pregnancy and second miscarriage which would end Elisabeth's short life.