Elwood is a city in Madison and Tipton counties in the U.S. state of Indiana. The Madison County portion, which is nearly all of the city, is part of the Indianapolis–Carmel–Anderson metropolitan statistical area. The population of Elwood was 8,410 at the 2020 census.

Madison County is a county in the U.S. state of Indiana. The 2020 census states the population is standing at 130,129. The county seat since 1836 has been Anderson, one of three incorporated cities within the county.