Priscilla is the founder of Elvis Presley Enterprises, where she served as chairman of the board from 1982 to 1998, helping to turn Graceland into a multi-million dollar tourist attraction. As an actress, Priscilla is best known for co-starring with Leslie Nielsen in the three successful Naked Gun films between 1988 and 1994, and for her five-year run playing the character Jenna Wade on the television series Dallas.

Priscilla's grandfather, Albert Henry Iversen, emigrated from Egersund in Norway to the United States in the beginning of the 1900s. He married Lorraine Davis, who was of Scots-Irish and English descent. They had three children: Albert Jr. (March 1922), James Richard (March 1924) and Anna Lillian Iversen (March 1926). Later she was called, or her name was changed to, Ann. She was called Rooney (short for Annie Rooney) as a child. At the age of nineteen she became mother of Priscilla. They both still have cousins in Norway. In a letter to the City Hall of Egersund, Ann asked for information about their relatives, and wrote that Priscilla was very interested in knowing about them. Priscilla's parents visited family members in Norway in 1992; Ann said their daughter was supposed to join them, but was busy at the time.

Priscilla has her "own place" in Egersund – Priscilla Presleys plass. When she was told about this tribute being planned, by a visiting Norwegian relative (summer 2007), and asked what she thought, she answered: "Oh, it's marvellous!". The area is outside the house, Kirkegaten 23, where her grandfather was born in 1896, and lived. Priscilla and her family were invited by the lord mayor of Egersund to the opening ceremony of Priscilla Presleys plass, which took place August 23, 2008, but were unable to go due to Lisa Marie Presley being pregnant.

Priscilla's biological father was US Navy pilot James Wagner. His parents were Kathryn and Harold Wagner. On 10 August 1944, at the age of 23, he married Priscilla's mother; they had been dating for more than three years. He was killed in a plane crash while returning home on leave when Priscilla was six months old. When Priscilla discovered this "..family secret..." whilst rummaging through an old wooden box of family keepsakes, she was encouraged by her mother to keep it from the other children as she feared it would "...endanger our family closeness...".

In 1948 her mother met a United States Air Force officer named Paul Beaulieu, from Quebec. The couple were married within a year. Beaulieu took over the raising of Priscilla and was the only father Priscilla would ever know. Over the next few years, Priscilla grew up quickly, helping to care for the growing family as her father's Air Force career moved them from Connecticut to New Mexico to Maine. In her own words, she described herself during this period as "...a shy, pretty little girl unhappily accustomed to moving from base to base every two or three years." Priscilla later recalled that she felt uncomfortable moving so often because she never knew if she could make friends for life, or even if she would fit in with the new people she met on each move.

In 1956, the Beaulieus moved to and settled in Austin, Texas, but soon her father was transferred to Wiesbaden, Germany. Priscilla was "..crushed.." by this news, and after finishing Junior High her fears of leaving her friends behind and making new ones were once again at the forefront of her mind.

Initially the Beaulieus stayed at the Helene Hotel when they arrived in Germany, but after three months the cost of living there became too expensive and they looked for a place to rent. The family settled in a large apartment in a "..vintage building constructed long before World War I". However, soon after moving in the Beaulieus realised that it was a brothel, but due to scarce housing they were forced to remain there.

Feeling like an outsider once again due to her lack of understanding the German language, Priscilla frequented the Eagles Club; a place where American families would gather to eat dinner and be entertained. It was "...within walking distance..." of their apartment, and proved to be an important "discovery" for Priscilla. She would go there "..everyday after school.." and listen to the jukebox whilst writing letters back home to her friends in Austin.

It was here, at the Eagles Club, that Priscilla met Currie Grant, a young American Air Force recruit whose Commanding Officer knew Priscilla's father. Grant offered to introduce Priscilla to Elvis Presley, stating that he was "...good friends..." with the singer, and that he and his wife would visit quite often. Being cautious and skeptical of such a claim, Priscilla said she would have to ask her parents, and over the next two weeks Grant met with them and assured them that she would be well chaperoned.

Elvis and Priscilla met on September 13, 1959, during a party at Elvis' home in Bad Nauheim, Germany during his stay in the army. Despite her only being 14 years old at the time, she made a huge impression on Elvis with her much older appearance. Elvis allegedly regressed to acting like an "awkward, embarrassed" boy next door figure in front of her. However, by the end of the evening he had managed to compose himself.