Elves are the tallest and most numerous of the fae (or vae as they refer to themselves in their own tongue). They resemble humans with lithe frames and leaf-shaped ears. There are five known subraces of elves, which are capable of interbreeding with each other, although it is rare.

The telvae, or wild elves, dwell in the dense, temperate forests of western Vaedar. Their largest settlement is in Telveada, in the realm of Wardendale. This enchanted land is insulated from the outside world, as it is completely encircled by tall mountains, and so the wild elves rarely have contact with humans. Typically, telvae have red or auburn hair, pale skin, and their ears are longer than other elves. The magic of the wild elves stems from nature, and they are said to be the only elves to know the precise location of the Green Warden's resting place, which they guard fiercely. The wild elves were mistrustful of humans since they first awakened, preferring to keeping to themselves, and because of this, they suffered the least casualties during the wars with humans during the Archaic Era.  

The solvae, or sun elves, dwell along the southern coasts of Vaedar, and have bright golden hair and bronze skin. The solvae were a kind, curious, and welcoming people, sharing their expertise in architecture and artisanry with the humans whom traveled south into sun elf territory. But the solvae seldom trained in the art of war, and when the Delvarian empire rose to power at the end of the Archaic Era, they were nearly wiped out in the bloodshed which followed. The sun elves can still can be found along the coast of southeastern Vaedar, primarily in Alden's Watch, although they have become bitterly resentful of humans, and will seldom have dealings with them anymore.

The guenvae, or moon elves, dwell in the east, on the isle of Eradel, and are famed for their skill in magic. They are the tallest of elvenkind. Their skin is fair and their hair is straight and raven. Unlike their hair, which is always dark, their eyes range in color from a deep blue or violet, to a steel gray or bright silver. In some cases, their eyes and hair are the same jet black color. The guenvae were responsible for building the great tower of Moonspire, in Arcaneum. It is said that the war between elves and humans was initiated by the guenvae, who feared that humanity was growing in number too rapidly, and that they would soon turn on the fae, for they seemed to show the greatest interest in learning the magical arts to subjugate others. 

Beneath the earth dwell the helvae, or dark elves. Their skin ranges from a pale grey color to nearly black in color, depending on the tribe. Their eyes are red or violet, and their hair is black, gray or white. 

The rarest of all elven races are the yunvae, or deep elves. They are said to dwell in the great subterranean waters in Midworld. They are said to be bitter enemies of the dark elves, who nearly drove the deep elves to extinction. Deep elves have sea-colored hair, with pale skin which often has a subtle blue or green hue.