Elves mingle freely in human lands, always welcome yet never at home there. They are well known for their poetry, dance, song, lore, and magical arts. Elves favor things of natural and simple beauty. When danger threatens their homes, however, elves reveal a more martial side, demonstrating skill with sword, bow, and battle strategy.

There are a number of elven subraces: moon elves, sun elves, wood elves, and dark elves (also known as drow).

Moon elves, the most common race of elves, are graceful but frail, with +2 Dexterity and -2 Constitution. Sun elves lack their cousins' agility but have powerful intellect instead. The reclusive wood elves are stronger than other elves but less cerebral and intuitive. The drow of the underdark are blessed with great intellect and charm, though they are hindered by daylight.

With the Mask of the Betrayer expansion installed, players also have the ability to choose between the half-drow and wild elf.