Presley, 54, suffered cardiac arrest in her home on Thursday in the Los Angeles suburb of Calabasas, according to website TMZ.
The outlet said paramedics performed CPR and administered the drug epinephrine to restart her pulse.
Her mother, Priscilla, confirmed that her daughter was in the hospital and said she was "receiving the best care".
"Please keep her and our family in your prayers. We feel the prayers from around the world, and ask for privacy during this time," Priscilla Presley said in a statement.
TMZ showed a photo of Priscilla Presley arriving at the hospital to be with her daughter.
Lisa Marie Presley was born in 1968 and is the owner of her father's Graceland mansion in Memphis, a popular tourist attraction. She was nine years old when Elvis died at Graceland in 1977.
Her own music career began with a 2003 debut album To Whom It May Concern. It was followed by 2005's Now What, and both hit the top 10 of the Billboard 200 album chart.
A third album, Storm and Grace, was released in 2012.
On Tuesday, Lisa Marie and Priscilla Presley attended the Golden Globes ceremony in Beverly Hills, where Austin Butler won best actor in a drama film for his leading role in last year's Elvis biopic.
As he accepted the award, Butler thanked both of the women, saying, "I love you forever."
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