Raskin was born on March 13, 1928, in Milwaukee, Wis. She grew up during the Great Depression and often read library books and she also made up plays to entertain her family. After studying fine arts at the University of Wisconsin, she moved to New York in 1949. She used the skills acquired during a brief stint at an advertising agency to put together a portfolio and soon found success as a free-lance commercial artist. During her career, she designed some 1,000 book jackets and contributed illustrations to accompany the work of writers Dylan Thomas, Edgar Allan Poe, Bill and Vera Cleaver, Aileen Fisher, and others.

Raskin penned her first children's book, ‘Nothing Ever Happens on My Block', in 1966. The story and her cartoon-style drawings tell of a young boy who is so convinced that his neighborhood is dull that he is oblivious to the exciting things happening around him. After creating several other picture books, she wrote her first full-length children's novel, ‘The Mysterious Disappearance of Leon (I Mean Noel)' (1972). Like many of her books that followed, it combined humor, puzzles, intriguing illustrations, and odd characters.

Raskin received several honors during her career, most notably the 1978 Boston Globe–Horn Book Award for Fiction and the 1979 Newbery Medal for ‘The Westing Game' (1978), a mystery about a murdered millionaire whose heirs are challenged to discover the criminal in order to inherit the estate. ‘Figgs and Phantoms' was named a Newbery Honor Book in 1975, while ‘Who, Said Sue, Said Whoo?' was selected as a Boston Globe–Horn Book Award runner-up in the illustration category in 1973. The Mystery Writers of America presented the Edgar Allan Poe Special Award to Raskin in 1975 for ‘The Tattooed Potato and Other Clues'.

Some of the author's other books included ‘Spectacles' (1968), ‘Ghost in a Four-Room Apartment' (1969), ‘Franklin Stein' (1972), ‘Moose, Goose, and Little Nobody' (1974), and ‘Twenty-two, Twenty-three' (1976). Raskin died on Aug. 8, 1984.