As with Vampirella, Lilith has a number of conflicting origin stories, some of which relate back to the biblical character of the same name. In Vampirella, Vol. 5 Christopher Priest addresses this directly in a scene wherein Vampirella acknowledges the existence of a multiverse and her own multiple origin stories (Issue #3, see also the Book of Prophecy). As such, previous origins, arcs, etc. related to Lilith can be understood as having happened albeit possibly not in the current setting.
In Vol. 5, Priest introduces a new a version of Lilith’s origin story, recounted to Dr. Chary by Lilith herself, posing as Vampirella (issues #12 and #13). This version details her rise from life on the streets as an orphan on Drakulon to rebel leader and finally Queen, her bargain with the demon Belial, the birth of Draculina, the creation of Vampirella and the acquisition of Belial’s ring. Although Lilith is an unreliable narrator certain key facts emerging from this story have been verified leading to the conclusion that it is, at least, partially true.