Elwood was platted in 1885 when the Chicago, Burlington and Quincy Railroad was extended to that point.

[7] The Gosper County Courthouse in Elwood is on the National Register of Historic Places.

The Art Deco building was designed by the Kearney architectural firm of McClure & Walker.

[8] According to the United States Census Bureau, the village has a total area of 0.52 square miles (1.35 km2), all land.

[citation needed] As of the census[13] of 2010, there were 707 people, 282 households, and 183 families residing in the village.

32.3% of all households were made up of individuals, and 17.8% had someone living alone who was 65 years of age or older.

28.6% of all households were made up of individuals, and 15.6% had someone living alone who was 65 years of age or older.

Elwood Public Schools educates students from Preschool through twelfth grade.