Lily was born in TA 2822 (SR 1222) to Balbo Baggins and Berylla Boffin. Mungo Baggins, Pansy Baggins, Ponto Baggins I, and Largo Baggins were Lily's four older siblings. Lily was wed to Togo Goodbody and she changed her last name from Baggins to Goodbody. They had no known children. Lily Baggins Goodbody died in TA 2912 (SR 1312).
Like many female hobbits, Lily was named after a flower no doubt named after the flower of the Lilium genus in real life.