Elizabeth's WCW career officially began on January 23, 1996 at The Clash of the Champions. She returned to the corner of "Macho Man" Randy Savage and Hulk Hogan, reforming the MegaPowers almost 7 years after splitting up. Elizabeth had been out of the wrestling business for almost 4 years, but she was back and looked better than ever! After managing both Randy and Hulk for almost a month, she turned on Randy at Superbrawl 6 on February 17, 1996 by joining Ric Flair and The Four Horsemen and costing Randy Savage his WCW title. Elizabeth proved to be a force to be reckoned with in The Four Horsemen. Along with Woman, they helped the Horsemen to a number of victories during the Spring and Summer of 1996. In the Fall of 1996 Elizabeth started having second thoughts about turning against Randy Savage and wanted to be back with him. She even went as far as shielding him from harm against a new faction called The NWO run by Hulk Hogan, now calling himself "Hollywood" Hogan. She also apologized to Randy over everything that happened the past year. The bad news was that she had signed a contract with The NWO and she was forced to be with them even though she was against it.

During the Spring of 1997 Elizabeth was still unhappy being with The NWO, however, by March Randy Savage was a member of The NWO. As a reward, they gave him a present - his former wife and manager Elizabeth! She proved to be an assest, as always, to Randy's career by interfering in his matches and was heavily involved in his feud with Diamond Dallas Page and his wife Kimberly. She continued to manage Savage up until 1997 and then into 1998 even joining him in the new NWO Wolfpac formed by Kevin Nash. Shockingly, in the summer of 1998 she joined NWO Hollywood run by Hollywood Hogan, once again turning against Randy. Hogan presented her to Eric Bischoff and she became his "Executive Assistant to the President" as he was still President of WCW. She appeared in numerous interviews with Eric Bischoff and even on his talk show during his famous feud with Jay Leno.

In January 1999 Elizabeth was once again a part of a newly formed NWO only now she was managing Lex Luger and also Kevin Nash. In the Fall of 1999 Elizabeth came back with a whole new look managing Lex Luger who was now called "The Total Package." She once again was heavily involved in matches. By the year 2000, Elizabeth was still on a roll managing Luger, carrying a baseball bat that she would use to help injure his opponents. She later became involved in a feud with Vince Russo who created a new faction called The New Blood with Eric Bischoff. Russo claimed he owned Elizabeth's contract and even took her away from Luger and had her guarded as his property. He also tried to break Elizabeth's spirit by having her compete in matches for the first time in her career, but Elizabeth always managed to escape that and always kept her head held high in every situation. Her career with WCW ended in late 2000 with The New Blood angle being her last feud. She really made an impact in WCW and still showed everyone why she was "The First Lady of Wrestling!"