[8] Schrage began his legal career with Sullivan & Cromwell, where he specialized in U.S. securities offerings, mergers and acquisitions, and corporate transactions, including project financing for the Euro Disneyland theme park.

[13] On February 15, 2006, he testified in front of the United States House Committee on International Relations on behalf of Google on the subject of Internet in the People's Republic of China[14] in connection with Google's decision to offer a limited, but transparent, search to enter the Chinese market[15] and compete with Baidu, a more restrictive and non-transparent service.

[18][19][20] In announcing Schrage's appointment as VP of Global Communications and Public policy in May 2008, Facebook CEO Mark Zuckerberg indicated that Schrage "will direct our efforts to work with users, media, governments and other entities around the world to ensure that Facebook's policies are transparent, responsive, effective and are recognized as being those things".

[23] The interview was panned and negatively rated in the press, with Schrage attracting criticism for his poor handling of Facebook's privacy policies.

[29] In 2018, Schrage launched Facebook's initiative to open data for independent academic research on social media's influence on elections and democracy.

[30][31][32] In 2018, it was reported that Schrage tasked a Republican-affiliated PR firm to push negative narratives about Facebook's competitors, namely Apple and Google.

[34] In 2016, the company announced a partnership with local community groups to support affordable housing, job training and assistance for tenants at risk of losing their homes.

[34] "Elliot Schrage at Facebook is as important to the success of that company as any of their marketers or engineers because again, without his ability to play in DC and Brussels, etc., they're going to be constrained.

As part of this role he oversaw engagement programs for company stakeholders, which included various social investors, NGOs and government officials.

[46] His work on the application of the Alien Tort Statute was cited by the U.S. Supreme Court in its analyses of potential liability for multinational corporations for complicity in human rights abuses in the countries where they do business.