Elwood is a city in Madison and Tipton counties in the U.S. state of Indiana. The Madison County portion, which includes most of the city, is part of the Anderson, Indiana Metropolitan Statistical Area, while the small portion in Tipton County is part of the Kokomo, Indiana Metropolitan Statistical Area. The population was 8,614 at the 2010 census.
The annual Glass Festival, held every third weekend of August, is one way in which the city tries to promote the area's history with natural gas and glass. In the years surrounding the turn of the century, Elwood ,along with the nearby towns of Anderson and Gas City, was a common destination for Welsh immigrant families.
Elwood is located at 40°16′27″N 85°50′17″W / 40.27417°N 85.83806°W / 40.27417; -85.83806 (40.274109, -85.838047).