Marie-Louise d'Orleans (1662-1689) was the eldest daughter of Philippe, Duke of Orleans (1640-1701), younger brother of Louis XIV of France, and the Duke's first wife, Henrietta Anne of England (1644-1670), the youngest daughter of King Charles I and sister of Charles II. Her marriage to Carlos II of Spain (1661-1700) was seen as a way to induce better relations between France and Spain following conflict between the two nations over the disputed territory of the Spanish Netherlands.

The proxy marriage took place at the Palace of Fontainebleau on 30 August 1679 and on 19 November 1679, Marie-Louise married King Carlos II in person in Quintanapalla, near Burgos, Spain. The King and Queen appear to have had an affectionate relationship. However, the rigid etiquette of the Spanish Court, the King's physical and mental weakness, the ill-feeling of many courtiers towards the French Queen and her household, and in particular her unsuccessful attempts to bear children caused Marie-Louise unhappiness. She died at the age only twenty-six after suffering stomach pains while riding. 

When acquired by Queen Victoria from the sale of King Louis Philippe, this painting was called A Lady at the Court of Philip IV. Although subsequently identified as Isabella of Bourbon (1602-1644) the first wife and Queen Consort of Philip IV of Spain, the painting bears little resemblance to any extant portraits of Isabella and can be more plausibly identified as Marie-Louise d'Orleans. The painting appears to be based on the official portrait of Queen Marie-Louise by court painter José García Hidalgo, dated c.1679, now in the Museo del Prado, Madrid (P000652). 

The painting appears to be based on the official portrait of Queen Marie-Louise by court painter José García Hidalgo, dated c.1679, now in the Museo del Prado, Madrid (P000652); although the composition has been reversed, with the fan moved to the sitter's right hand, and the carnation held by the sitter in the Hidalgo portrait, replaced with a handkerchief. A table has also been added in the left foreground.

The official likeness by Hidalgo was widely reproduced both in portrait format and in contemporary images of the ceremonies of the Queen's arrival in Madrid, her marriage and her funeral in 1689. An example can be seen in Francisco Rizi (1608-1685) equestrian portrait of the Queen for the town hall of Toledo and also in his Auto de Fe en la Plaza Mayor de Madrid (1683, Museo del Prado). Additionally, a contemporary half-length variant of Hidalgo's offical likeness, attributed to Ignacio Ruiz de la Iglesia, now in the Bowes Museum, was also widely reproduced in the late seventeenth century, with an engraved version produced as early as 1689 (Bibliothèque nationale de France).

The painting in the Royal Collection is a somewhat simplified version of this popular portrait type. The sitter's dress in appears relatively plain, lacking the ornate brocade decoration present in other versions. Similarly, the face of the sitter appears softened, with the characteristic downturned nose made shorter and more upturned, suggesting that the painting maybe a later, eighteenth century version after the original seventeenth century composition.