She was the daughter of Thutmosis I and Queen Ahmose-Nefertari.
It has been argued that Hatshepsut had seen herself as Thutmosis I's heir even before her father died.
It is possible that she benefited from the role of 'God's Wife of Amun', its economic holdings, and its connection to the family of Ahmose-Nefertari in order to support her regency in a manner similar to her female predecessors (Ahhotep and Ahmose-Nefertari).
She also appears to have been preparing Neferure for a similar role.
Hatshepsut did not attempt to legitimize her reign by claiming to have ruled with or for her husband Thutmosis II. Instead, she emphasized her bloodline, and in the period before she had taken a throne name, the royal steward Senenmut left an inscription at Aswan (commemorating the quarrying of her first obelisk) naming her as ' the King's Daughter, the King's Sister, the God's Wife, the Great Royal Wife Hatshepsut'. At Deir El-Bahari, scenes and texts of Hatshepsut claim that Thutmosis I had proclaimed her as heir before his death, and that Ahmose had been chosen by Amun to bear the next divine ruler.
Her only known daughter from Thutmosis II was Neferure, who was frequently described as 'King's Daughter' and 'God's Wife' and also more than once 'Mistress of the Two Lands' and 'Lady of Upper and Lower Egypt'. It is argued whether she was Thutmosis Ill's wife during the co-regency period, but she did appear as 'God's Wife' with him as late as the 22nd or 23rd year of his reign. At some time, Thutmosis III replaced her name with that of Satiah, whom he married after his sole rule began. If Neferure was ever 'King's Great Wife' to Thutmosis III, the king must have ended the formal relationship soon after Hatshepsut's disappearance in the 20th or 21st year of his reign.
Hatshepsut was able to exploit Egypt's natural resources, such as gold from the Eastern Desert, precious stone quarries. Gebel El-Silsilah began to be worked for sandstone. Cedar was imported from the Levant, and ebony came from Africa.
Hatshepsut had a tomb excavated in the Valley of the Kings for her as ruler. Tomb KV 20 appears to be the earliest tomb in the Valley, and Hatshepsut had it enlarged to house both her own sarcophagus and a second one initially carved for her but then re-carved for her father Thutmosis I. Both Hatshepsut and Thutmosis I may have initially been laid to rest there, but Thutmosis III later removed Thutmosis I's body to KV 38, which he had built for a similar purpose.