This is the first of two papers reporting observations and analysis of the unusually bright (m_b = 14.4), luminous (M_B = -25.5), nearby (z = 0.192) narrow-line quasar PHL 1811, focusing on the X-ray properties and the spectral energy distribution. Two Chandra observations reveal a weak X-ray source with a steep spectrum. Variability by a factor of 4 between the two observations separated by 12 days suggests that the X-rays are not scattered emission. The XMM-Newton spectra are modeled in the 0.3-5 keV band by a steep power law with Γ = 2.3 ± 0.1, and the upper limit on intrinsic absorption is 8.7 × 10²⁰ cm^-2. The spectral slopes are consistent with power-law indices commonly observed in NLS1s, and it appears that we observe the central engine X-rays directly. Including two recent Swift ToO snapshots, a factor of ~5 variability was observed among the five X-ray observations reported here. In contrast, the UV photometry obtained by the XMM-Newton OM and Swift UVOT, and the HST spectrum reveal no significant UV variability. The α_ox inferred from the Chandra and contemporaneous HST spectrum is -2.3 ± 0.1, significantly steeper than observed from other quasars of the same optical luminosity. The steep, canonical X-ray spectra, lack of absorption, and significant X-ray variability lead us to conclude that PHL 1811 is intrinsically X-ray weak. We also discuss an accretion disk model and the host galaxy of PHL 1811.