Milionia elegans is a species of moth in the family Geometridae first described by Karl Jordan and Walter Rothschild in 1895.

The hindwings of the males have a broad red patch in the outer half standing between the hinder margin and the second median nervule.

In females, this patch has developed into a band which stops at vein 6, and is narrowest anteriorly.

The underside of the wings is black, with a blue gloss at the basal portion of the costal margin.

The forewings have the same markings as above, but the hindwings have an orange yellow or red patch, which is much more extended than that on the upperside, and includes a black spot standing upon the discocellular veinlets.