Tyler was born Liv Rundgren at Mount Sinai Hospital in East Harlem, New York. She is the only daughter of Bebe Buell, a model, singer, and former Playboy Playmate (Miss November 1974), and Steven Tyler, the lead singer of Aerosmith. Her mother named her after Norwegian actress Liv Ullmann, after seeing Ullmann on the cover of the March 5, 1977 issue of TV Guide. She is of Italian, German, Polish, English and African American ancestry on her father's side and German ancestry on her mother's side.

In 1998, Tyler began dating British musician Royston Langdon of the band Spacehog. They became engaged in February 2001, and married in Barbados on March 25, 2003. On December 14, 2004, she gave birth to a son, Milo William Langdon. On May 8, 2008, the couple confirmed through representatives that they would be separating. In June 2010, Tyler stated she was "far too sensitive" for casual dates, adding "I fall in love once in a blue moon."  Tyler and her partner David Gardner, a sports and entertainment manager, have two children together, son Sailor Gene (born 11 February 2015) and daughter Lula Rose (born 9 July 2016).  Tyler was formerly a vegan, but later began to eat meat. In 2003, she became the spokesperson for Givenchy perfume and cosmetics; in 2005 the brand named a rose after her, which was used in one of its fragrances. In 2009, Tyler signed on for two more years as Givenchy spokesperson. On December 8, 2011, Givenchy announced a collaboration between Givenchy perfumes and Sony Music. In the video released on February 7, 2012, Liv Tyler covered the INXS song "Need You Tonight".  Tyler learned transcendental meditation in New York City. In December 2012, she participated in a charity gala for the David Lynch Foundation to provide transcendental meditation to disadvantaged sections of society. At the event she said, "it helps me make better decisions and be a better mother, and just deal with the daily stress of the modern world that we live in. It helps with everything."

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