Balslev was born in Aabenraa and originally trained as a nurse. She then studied singing, first at the Academy of Music and Music Communication in Esbjerg, then at the opera academy of the Royal Danish Theater in Copenhagen. In 1976, she made her debut at the Royal Danish Theater as Yaroslavna in Prince Igor.
After two years, Balslev left the Royal Danish Theater and had her international breakthrough as Senta in Harry Kupfer's staging of Wagner's Der fliegende Holländer at the 1978 Bayreuth Festival. From 1979 to 1983 she sang at the Hamburg State Opera, after which she has worked freelance at La Scala, the Vienna State Opera and Bayreuth among others.
Balslev has received several awards and honors, including Tagea Brandt Rejselegat (1996) and the Reumert Prize, of which she was the first recipient (1999). In 1993, she was made a Dame of the Order of the Dannebrog.
- Lilo Sørensen. "Lisbeth Balslev". Dansk Kvindebiografisk Leksikon (in Danish). KVINFO. Retrieved 31 January 2011.
- Patrick Carnegy (2000). "Landfall on the stage: a brief production history". In Thomas S. Grey (ed.). Richard Wagner, Der fliegende Holländer. Cambridge University Press. p. 122. ISBN 978-0-521-58763-1. Retrieved 31 January 2011.
- "Årets Reumert til operasanger Lisbeth Balslev". Berlingske Tidende (in Danish). 11 April 1999. Retrieved 31 January 2011.
- "Hjælpeorganisation for Rumænien stiftet". Berlingske Tidende (in Danish). 20 November 2000. Retrieved 31 January 2011.
- Lisbeth Balslev: You come to Bayreuth for the sake of art interview at Wagneropera.net
- Lisbeth Balslev on IMDb