Lola Nielson Smith was born on November 5, 1921, in Hunter, Utah to Ernest Elbert Nielson and Lavina Day. She graduated from Cyprus High School in Magna, Utah, and attended LDS Business College. A member of the Church of Jesus Christ of Latter-day Saints, she served a mission in the Southern States. On November 5, 1945, following her return from her mission, she married Robert Junius Smith and they later had eight children.

The Smiths first resided in Provo, Utah as Robert pursued a bachelor's degree in accounting at Brigham Young University, which he completed in 1948. Following his certification as a public accountant, the family returned to Provo when Robert was invited to join the faculty of the Department of Accounting at BYU. He served in various administrative and academic positions at Brigham Young University from 1952 to 1983. After his retirement in 1983, the family moved to Jerusalem, Israel, when Robert was asked to serve as comptroller for the new BYU Jerusalem Center. They remained in Israel until 1988.

Throughout her life, Lola Smith was an active participant in the Church of Jesus Christ of Latter-day Saints and filled several volunteer positions. These included service as a ward and stake primary president, a stake Relief Society president, a choir director, organist, chorister, and librarian. With her husband Robert, she completed a second mission in Raleigh, North Carolina, as well as a church service mission at the Missionary Training Center in Provo, Utah. She also served as the matron of the Provo Temple for three years while her husband served as temple president. Lola N. Smith passed away on December 23, 2012, in Orem, Utah.