Margaret of Bourbon was born in 1217 to Archambaud VIII of Bourbon and Alice of Forez. When she was 15 she became the third wife of Theobald I of Navarre. He was 17 years older than her and only the one of two marriages between the Counts of Champagne to have a large age difference. Despite this difference the marriage lasted twenty years and had seven children. She had an extensive dowry with a unique stipulation, if she died not all of her land would revert to her father, it was prorated based upon how long she lived through the marriage unless it ended in an annulment. In 1234 Theobald became King and she, Queen Consort. In the end she outlived Theobald and acted as Queen Regent from 1253 until her son, Theobald II of Navarre, turned 21 three years later. Theobald had been King of both Navarre and Champagne but spent most of his time in Navarre, which caused the nobility to not want to support his son. Margaret put an end to the rebellion by travelling to the capital with their son and requesting assistance from neighboring Aragon. She also inhertited her late husband’s fight with the Knight’s Templar over their insistence of acquiring more land in Champagne. She made it illegal for them to do obtain more land.
She arranged a marriage between Theobald and Isabella, daughter of Louis IX of France. In 1256, when he reached the age of majority and took the throne in his own right she retired to her dower lands. She died on April 12, 1256 in Provins and was buried at he Saint-Joseph de Clairval abbey in Flavigny-sur-Ozerain.