Elwood is a village in Gosper County, Nebraska, United States. It is part of the Lexington, Nebraska Micropolitan Statistical Area. The population was 761 at the 2000 census. It is the county seat of Gosper County.
Elwood is located at 40°35′19″N 99°51′38″W / 40.58861°N 99.86056°W / 40.58861; -99.86056 (40.588632, -99.860603).
According to the United States Census Bureau, the village has a total area of 0.5 square miles (1.3 km²), all of it land.