Elwood is a bayside suburb in Melbourne, Victoria, Australia. Its Local Government Area is the City of Port Phillip.

Landmarks: Elwood Beach, Elwood Canal, Point Ormond

Post code: 3184

Elwood was originally swampland; installation of the Elwood Canal turned it into a habitable area.

Elwood Beach is a favoured destination of Melbourne residents during summertime, and marks the southern end of the beachside bicycle track.