- Always remember, Normie... I'm doing this for you. This is all for you.
- -- Liz Allan src
Liz Allan was a high school classmate of Peter Parker when they attended Midtown High School together, and a minor love interest of both Parker and Flash Thompson.
Initially, Peter liked Liz. However, she was Flash Thompson's girlfriend and initially considered Peter Parker something of a loser, even taking part in the general ridicule that Pete endured on a daily basis. She was flighty and rather thoughtless -- not outright cruel, but lacking the empathy necessary to detect Peter's good points. At one point, paradoxically, she developed a crush on Spider-Man, blowing off both Flash Thompson and Peter Parker because she believed the costumed hero would call her.
Over time, however, she began to admire Peter's intelligence and developed some degree of affection for the former "bookworm". By this time, ironically, Peter's interest had waned considerably: noting that Liz never showed any real interest in him until he began dating Betty Brant, Pete assumed that Liz's feelings were little more than a schoolgirl crush. Amusingly, Betty and Liz clashed several times over Peter; Betty thought of Liz as a blonde tramp.
Peter and Liz graduated from high school. At the graduation ceremony, Liz admitted her feelings to Peter, but told him that they couldn't be together and left shortly afterwards. Meanwhile, Peter in his guise as Spider-Man battled Liz's stepbrother Mark Raxton, the Molten Man.
Liz dated and later married Harry Osborn, whom she met at Betty Brant's wedding to Ned Leeds,becoming Liz Allan-Osborn. The couple had a son, Normie Osborn. Their family history turned tragic; however, after Harry Osborn followed in his father's footsteps becoming the Green Goblin and later died.
Harry attempted to pass the legacy of the Green Goblin down to Normie Osborn but failed due to the efforts of Spider-Man, Mark Raxton, and Ben Urich.
Later, Liz Allan dated lawyer Foggy Nelson, the legal partner of Matt Murdock, but the couple broke up after Mysterio manipulated Foggy into having an affair in a plot to drive Daredevil insane. Like so many of the men in her life, Liz felt like Foggy had let her down and ended their relationship.
Liz was extremely upset when Spider-Man unmasked, blaming Peter for bringing so much death into their lives.
Brand New Day
When Mephisto erased all knowledge of Peter's marriage to Mary Jane, it left multiple repercussions in the timeline, including the knowledge of Spider-Man's secret identity, and Harry now being alive - and divorced from Liz.
Over the next year or so, Liz Allan would become a huge success in the science and development industry, creating and becoming CEO of a company known as Allan Chemical with her son and several other people. Eventually, she merged the company with Horizon Labs and Oscorp, creating Alchemax.
During the war in New York City between Spider-Man and the Goblin King, Liz was revealed to be allied with the latter, who was using the alias "Mason Banks" as one of the chief investors of Alchemax in order to produce an empire for his grandson to inherit. Upon the defeat of the Goblin Nation, she aided her ex-father-in-law in evading capture by Spider-Man once again.