This is a portrait of Felipe II's first-born daughter, infanta Isabel Clara Eugenia (1566-1633), with the dwarf, Magdalena Ruiz. It follows the traditional formulae of court portraits, with the infante standing up and lavishly dressed, looking directly at the viewer. Her jewels have an important symbolic significance here. They belonged to her mother, Isabel de Valois and her stepmother, Ana de Austria. The cameo with an image of her father that she holds in her right hand gives the scene a strong sense of dynastic continuity. Isabel Clara Eugenia´s dignity is emphasized by the presence of Magdalena Ruiz, who imitates her gesture. The coral necklace and pair of monkeys may allude to the infanta's trips to Portugal in company of Felipe II.

There has been considerable disagreement about who painted this work, although the intervention of Sánchez Coello's workshop in much of the work is now generally accepted. The inventories of 1600 and 1636 at Madrid's Alcázar Palace describe this painting without attributing it to any painter.